Coinbase, Visa Back Open USD Stablecoin Launch

Open Standard has officially launched its Open USD (OUSD) stablecoin with backing from major payments and technology companies including Coinbase, Mastercard, Shopify, Stripe and Visa.

OUSD went live Wednesday across Ethereum, Solana, Coinbase’s Base and Stripe-backed Tempo, according to Open Standard CEO Zach Abrams. The company aims to differentiate OUSD by sharing economic benefits and ownership with businesses that distribute and use the stablecoin.

Abrams previously co-founded stablecoin infrastructure company Bridge, which Stripe acquired for $1.1 billion in 2024.

Open USD enters a stablecoin market valued at more than $300 billion, where Tether’s USDT and Circle’s USDC remain dominant with approximately $143 billion and $74 billion in circulation, respectively.

Coinbase, Mastercard, Shopify, Stripe and Visa are Open Standard’s first five founding partners. Each received an equal initial equity stake, while collectively committing more than $1 billion to help establish OUSD liquidity. Individual investments and ownership percentages were not disclosed.

Open Standard expects its founding group to eventually expand to around 10 to 12 companies. Meanwhile, its broader network has grown beyond 200 partners, with SBI Holdings, UBS and fintech company Jeeves among recent additions.

Unlike traditional stablecoin models where issuers retain most reserve income or share revenue with selected distributors, Open Standard plans to reward partners based on their contributions to OUSD growth. Eligible participants can earn rewards and potentially equity based on stablecoin supply and transaction activity.

Abrams said much of the company's equity is expected to be distributed to founding and non-founding partners over the next four to five years.

OUSD also eliminates minting and redemption fees, potentially reducing costs for institutions moving large amounts between fiat currencies and stablecoins.

Tempo Chief Business Officer Dan Romero said OUSD supply on the blockchain could reach about $1 billion within months and surpass $10 billion during 2027.

Open Standard ultimately plans to target banking, institutional trading, lending, card settlement and cross-border payments, while also exploring stablecoins denominated in currencies beyond the U.S. dollar.