Visa, Mastercard, Coinbase Join 140+ Firms to Launch Open USD Stablecoin Network

A consortium of more than 140 global businesses, including Visa, Mastercard and Coinbase, has unveiled a new stablecoin initiative aimed at accelerating the mainstream adoption of digital dollars. The project, called Open Standard, will introduce a U.S. dollar-pegged stablecoin known as Open USD (OUSD) later this year, positioning itself as an open, business-focused alternative in the rapidly expanding stablecoin market.

The launch comes as stablecoins evolve beyond cryptocurrency trading into a growing payments infrastructure for cross-border transfers, settlements, and tokenized finance. By bringing together major payment networks, financial institutions and blockchain companies under a shared governance model, Open Standard hopes to remove some of the barriers that have slowed enterprise adoption.

A Consortium-Driven Stablecoin

Unlike most existing stablecoins, which are controlled by a single issuer, Open USD will operate under a consortium model. Open Standard said more than 140 businesses have joined the network, including Visa, Mastercard and Coinbase, with additional financial and technology partners expected to integrate the stablecoin into their products and services.

The consortium plans to launch Open USD later this year as a fully U.S. dollar-backed stablecoin. According to the organization, its goal is to create a network that is open, scalable and economically aligned with the businesses using it rather than concentrating benefits with one issuer.

Visa, Mastercard, Coinbase Join 140+ Firms to Launch Open USD Stablecoin Network

Lower Costs, Shared Economics

A key feature of Open USD is its revenue-sharing model.

Businesses will be able to mint and redeem Open USD without fees or volume limits, making it easier for payment providers, fintech companies and enterprises to scale blockchain-based financial services. Rather than keeping reserve income solely for the issuer, earnings generated from the dollar reserves backing Open USD will be shared among participating partners after operational expenses.

Open Standard founding CEO Zach Abrams said existing stablecoins have demonstrated their value, but large-scale adoption requires infrastructure that is “open, low-cost, high-throughput, broadly accessible, and aligned to their interests.”

The consortium believes these incentives will encourage businesses to integrate stablecoins into everyday financial operations, including payments, treasury management and cross-border settlements.

Building on Regulatory Momentum

The announcement follows the implementation of the GENIUS Act, the first comprehensive U.S. federal law governing payment stablecoins.

The legislation requires issuers to maintain one-to-one reserves backing their stablecoins while establishing consumer protection, disclosure and anti-money laundering requirements. The law is widely viewed as providing the regulatory clarity needed for banks, payment companies and fintech firms to expand their stablecoin offerings.

Open Standard’s launch reflects the broader shift toward regulated digital payment infrastructure as financial institutions become increasingly comfortable building blockchain-based services within a defined legal framework.

Entering a Competitive Market

The stablecoin sector has experienced rapid growth over the past several years, but its primary use remains facilitating cryptocurrency trading rather than everyday consumer payments.

Open Standard hopes to change that by providing businesses with a more collaborative alternative to existing stablecoins. Its governance model allows participating organizations to benefit directly from the ecosystem’s growth instead of relying on a single issuer.

Carolyn Weinberg, Chief Product and Innovation Officer at BNY, said a stablecoin built on neutral governance and shared economics has the potential to support the next phase of digital asset adoption.

The consortium also enters a market that is becoming increasingly competitive. PayPal launched its PayPal USD (PYUSD) stablecoin in 2023, while traditional financial institutions and payment companies have accelerated blockchain initiatives following recent regulatory developments.

Challenging Industry Leaders

Open USD will compete against dominant stablecoins such as Tether’s USDT and Circle’s USDC, which currently account for the majority of global stablecoin circulation.

Its biggest differentiator is the consortium structure. By distributing reserve earnings among network participants instead of concentrating them with a single issuer, Open Standard hopes to create stronger incentives for businesses to adopt and promote the stablecoin.

The announcement also highlighted growing competition within the stablecoin industry. Reports indicated that investors reacted cautiously to the news, with concerns that additional institutional entrants could increase pressure on established issuers.

Even so, Open USD faces a significant challenge. Existing stablecoins already benefit from deep liquidity, extensive exchange listings and widespread integration across decentralized finance platforms. Winning market share will require Open Standard to demonstrate that its governance model provides meaningful advantages for businesses and financial institutions.

Outlook

The launch of Open Standard marks another milestone in the convergence of traditional finance and digital assets. With backing from Visa, Mastercard, Coinbase and more than 140 participating businesses, the consortium represents one of the largest collaborative stablecoin initiatives announced to date.

As regulatory clarity improves and institutional interest continues to grow, stablecoins are increasingly being viewed as infrastructure for global payments rather than simply crypto trading tools. If Open USD succeeds in attracting broad adoption, it could help accelerate that transition while introducing a new model built around shared governance and economic incentives.