Visa, Stripe, Mastercard and 140 firms launch Open USD stablecoin with shared reserve income

Open Standard, a consortium of over 140 companies including Visa, Stripe, Mastercard, BlackRock and Coinbase, has announced Open USD, a stablecoin designed to distribute most reserve earnings to participating businesses after a management fee. Minting and redemption will carry no fees or volume limits, and the coin is expected to launch later this year. Governance will be shared among partner companies rather than held by a single issuer.

The coalition spans payments networks (Visa, Mastercard, American Express, Discover), asset managers (BlackRock), banks (BNY, Standard Chartered, U.S. Bank, BBVA), technology platforms (Google, Shopify, IBM) and crypto infrastructure (Coinbase, Bybit, OKX, MetaMask, Ripple, Galaxy). Visa’s head of crypto, Cuy Sheffield, described Open USD as a shared stablecoin for the global financial system, while Stripe’s president of technology and business, Will Gaybrick, said the firm intends it to become the default stablecoin for Stripe users.

Tempo CEO Matt Huang stated Open USD will be natively issued on the Tempo network from launch, supporting payments, liquidity, exchanges and decentralised finance. Open Standard has not confirmed whether Tempo will be the exclusive native-issuance network at go-live.