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Coinbase, Visa, Stripe and More Back New Open USD Stablecoin in Challenge to Circle and Tether
The consortium says OUSD will share reserve income with partners and charge no minting or redemption fees, challenging Tether and Circle's market dominance.
- On Tuesday, Open Standard announced the upcoming launch of Open USD , a stablecoin backed by Stripe, Visa, BlackRock, and over 140 other businesses, directly challenging Tether and Circle's market dominance.
- Unlike existing stablecoins, OUSD will distribute reserve income to participating businesses minus a management fee. Interim CEO Zach Abrams said, "It's a stablecoin built for the internet economy, designed by the businesses growing it."
- According to CoinGecko data, Tether's USDT held about 62% of the stablecoin market in April, while Circle's USDC held roughly 25%. Circle's stock slipped 13% to $66 per share following the announcement.
- President Donald Trump signed the GENIUS Act into law last year, establishing federal regulatory frameworks for stablecoins. Circle CEO Jeremy Allaire responded, "We welcome continued innovation and competition in the space."
- Recent efforts like the Global Dollar Network led by Paxos and The Clearing House launched by JPMorgan Chase reflect a broader industry shift toward shared digital payment infrastructure. OUSD positions Open Standard within this wider consortium trend.
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BlackRock joins Coinbase, Ripple to launch revenue-sharing stablecoin
BlackRock, Coinbase, Ripple, Mastercard, and more than a dozen financial firms have partnered to launch OUSD, a new stablecoin that distributes reserve earnings to participating institutions through a shared governance model. Open Standard announced that OUSD is scheduled to launch…
Coverage Details
Total News Sources65
Leaning Left2Leaning Right2Center9Last UpdatedBias Distribution69% Center
Bias Distribution
- 69% of the sources are Center
69% Center
L 16%
C 69%
15%
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