Visa, Mastercard, Coinbase Join Open USD Stablecoin Launch
Open Standard launched Open USD (OUSD), a stablecoin backed by over 140 companies including Visa, Mastercard, Coinbase, and Ripple. Minters keep reserve earnings, challenging USDT and USDC. Circle’s share price fell 16% on the news. Launch is set for later this year.
Quick Take
140+ companies, including Visa, Mastercard, Coinbase, back OUSD stablecoin.
Minters receive all reserve earnings, incentivizing adoption and liquidity.
Circle’s stock dropped 16% amid rising stablecoin competition.
Launch planned for later this year, targeting $312B stablecoin market.
Market Impact Analysis
BullishMajor institutional backing for a new stablecoin with a novel revenue-sharing model could increase competition and drive broader stablecoin adoption, benefiting the crypto ecosystem.
Speculation Analysis
Key Takeaways
- Over 140 financial and crypto firms, led by Visa and Mastercard, are backing Open USD (OUSD), a new stablecoin with a revenue-sharing model.
- Minters receive 100% of reserve earnings, a first-of-its-kind incentive designed to attract liquidity from across the industry.
- Circle's stock price plunged over 16% as the market priced in the competitive threat to USDC.
- OUSD targets a launch later this year, aiming to capture share of the $312 billion stablecoin market.
What Happened
Open Standard launched Open USD (OUSD), a dollar-pegged stablecoin backed by over 140 companies including Visa, Mastercard, Coinbase, Ripple, and OKX. The project lets minters keep all reserve revenues, a direct challenge to USDT and USDC, which centralize earnings. Circle’s stock plunged more than 16% on the news. OUSD is expected to go live later this year. The move targets a market worth over $312 billion.
The Numbers
The consortium includes more than 140 financial and crypto firms. Circle shares dropped 16% to $63.63, wiping out billions in market value. The stablecoin market currently sits at $312 billion, with projections reaching $4 trillion by 2030. OUSD aims to carve out a slice by returning reserve yields to minters.
Why It Happened
The dominance of USDT and USDC has long been a point of contention. Both issuers pocket interest from reserves, while users get none. OUSD flips the model, sharing revenue back to those who mint it. With the US having passed the GENIUS Act, a clear regulatory path exists for stablecoin issuers. Big players like Visa and Coinbase see a chance to break the duopoly and capture revenue themselves.
Broader Impact
While the revenue-sharing incentive could attract liquidity, it also risks fragmentation as dozens of companies each mint and use OUSD independently. Incumbents may be forced to offer yield or risk losing market share. The stablecoin wars are heating up, and both users and the market could benefit from increased competition.
What to Watch Next
- Whether OUSD delivers on its launch timeline and gains meaningful traction.
- How Tether and Circle respond — will they start sharing revenue?
- Regulatory rulemaking under the GENIUS Act that could further shape the stablecoin landscape.
This article is for informational purposes only and does not constitute financial advice.
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