Visa, Stripe, Coinbase Back Open USD Stablecoin

More than 140 companies, including Visa, Stripe, Coinbase and BlackRock, joined Open Standard to launch Open USD, a dollar-pegged stablecoin that will distribute most earnings from its reserve assets to participating businesses and be governed by an independent, partner-run organization.

Open Standard says businesses will be able to mint and redeem Open USD without fees or volume limits. Most income generated by the reserve assets will be returned to participating firms after a management fee intended to cover operating costs. The group expects the stablecoin to launch later this year and plans to offer technical and integration support to members.

Participants named by Open Standard span payment networks, banks, technology companies and crypto firms. The list includes Visa, Mastercard, American Express, Discover, BlackRock, BNY, Standard Chartered, U.S. Bank and BBVA; tech firms Google, Shopify and IBM; and crypto platforms Coinbase, Bybit, OKX, MetaMask, Ripple and Galaxy.

Open Standard said governance of Open USD will be shared among partner companies through an independent organization rather than concentrated in a single issuer. The model gives members operational access to a common payment asset and a share of yield produced by the stablecoin’s reserve holdings.

In public statements, Visa’s head of crypto, Cuy Sheffield, wrote on X that Visa joined Open Standard with Stripe, Coinbase, Mastercard, American Express, BlackRock, U.S. Bank, BBVA, Standard Chartered and over 100 initial partners to issue “a shared stablecoin designed for the global financial system.” Mastercard Chief Product Officer Jorn Lambert commented that shared, interoperable infrastructure is key to bringing stablecoins into broader financial services. Stripe’s President of Technology and Business, Will Gaybrick, described Open USD as intended to become the default stablecoin for businesses using Stripe. Tempo’s CEO Matt Huang said Open USD will be “natively issued on its network from day one,” and will support payments, liquidity, exchanges and decentralized finance. Open Standard has not confirmed whether Tempo will be the exclusive network for native issuance at launch.

Most existing dollar stablecoins are issued by a single entity that holds reserves and controls how reserve earnings are used. Open USD’s structure routes the majority of reserve income back to businesses that integrate the token, after deducting a management fee. Open Standard says the approach is designed to align incentives among firms that adopt and provide liquidity for the token.

Open Standard’s materials state the group will proceed toward a launch later this year, offering fee-free minting and redemption and a revenue-sharing arrangement tied to the stablecoin’s reserve performance and adoption.