Financial companies join forces for US dollar stablecoin, keeping reserve earnings
More than 140 companies have backed Open Standard’s new US dollar-pegged stablecoin, Open USD (OUSD), including major financial and crypto firms such as Visa, Mastercard, Coinbase, Ripple, OKX, and Bybit. Businesses will be able to mint OUSD at no cost, without volume limits, and retain the revenue generated by its reserves. Supporters say this revenue-sharing model could help OUSD compete with dominant stablecoins USDT and USDC, though it may also increase market fragmentation. Circle, whose stock fell sharply after the announcement, said it welcomes competition and plans to expand stablecoin support. OUSD is set to launch later this year. The stablecoin market is already above $312 billion and is forecast by some to grow dramatically by 2030, helped by the recent US GENIUS Act creating a regulatory framework for payment stablecoins.
