Visa, Stripe, Coinbase and more join Open USD stablecoin that shares reserve revenue

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.

"Today, we announced Visa is joining Open Standard alongside Stripe, Coinbase, Mastercard, American Express, BlackRock, U.S. Bank, BBVA, Standard Chartered and 100-plus initial partners with the mission of issuing Open USD, a shared stablecoin designed for the global financial system," Visa's head of crypto, Cuy Sheffield, wrote on X.

Other testimonials featured on the announcement page include Mastercard Chief Product Officer Jorn Lambert, who said shared, interoperable infrastructure was key to bringing stablecoins into the broader financial system, while Stripe President of Technology and Business Will Gaybrick said Open USD is intended to become the default stablecoin for businesses using Stripe.

Separately, Tempo CEO Matt Huang said Open USD will be "natively issued on its network from day one," with support for payments, liquidity, exchanges and decentralized finance. Open Standard has not yet said whether Tempo will be the exclusive network for native issuance at launch.