A consortium of over 140 major financial and technology companies, including Visa, Stripe, and BlackRock, has launched the Open USD stablecoin to challenge current market leaders Tether and Circle.

Key Points

• Open Standard LLC will launch the Open USD (OUSD) stablecoin later this year with native support on the Stripe-aligned Tempo blockchain.
• The project features a revenue-sharing model that allows partners to earn interest on reserves, departing from the traditional issuer-profit model.
• Founding partners include major payment networks like Mastercard and American Express, alongside tech giants Google, IBM, and Shopify.
• The initiative follows the July 2025 passage of the Genius Act, which established a new regulatory framework for stablecoins in the United States.
• Tether and Circle currently dominate the market, controlling approximately 87% of the total stablecoin supply as of April.

Why it Matters

This coalition represents a significant shift in the stablecoin market by aligning major financial institutions and tech firms against the current industry incumbents. By offering a fee-free, revenue-sharing structure, the consortium aims to incentivize widespread corporate adoption and challenge the long-standing dominance of Tether and Circle.