Visa, Mastercard, and Coinbase back new Open USD stablecoin

A consortium of over 140 companies, including Visa, Mastercard, and Coinbase, has launched Open Standard to introduce a new dollar-pegged stablecoin, Open USD (OUSD). The network aims to provide zero-cost minting and redemption for businesses, with plans to go live later this year.

Unlike existing models, OUSD distributes reserve interest to ecosystem partners rather than a single issuer. The project is led by Bridge CEO Zach Abrams.