More than 140 companies, including Visa, Stripe, Mastercard, BlackRock and Coinbase have joined Open Standard to launch Open USD (OUSD), a new stablecoin that shares most of the earnings from its reserves.
Open Standard said businesses will be able to mint and redeem Open USD without fees or volume limits, while most of the income made by OUSD's reserves will be distributed to participating businesses after a small management fee. According to Open USD's website, the stablecoin is expected to launch later this year.
The FAQ section on the site says that companies that join Open Standard will use Open USD as a core payment asset within their products and services, receive technical and integration support and earn revenue based on the stablecoin's adoption. Open USD will be managed by an independent organization with governance shared among partner companies, instead of a single issuer in control.
The launch included support and participation from big-name payment networks like Visa, Mastercard, American Express and Discover, institutions like BlackRock, BNY and Standard Chartered, technology firms including Google, Shopify and IBM, and crypto firms including Coinbase, Bybit, OKX, MetaMask, Ripple and Galaxy.
