Open Standard unveils dollar stablecoin backed by 140 firms
- Open Standard launched the Open USD (CRYPTO:OUSD) stablecoin project with support from more than 140 financial and crypto companies.
- The project will let participating businesses mint OUSD without fees or volume limits while retaining earnings from reserve assets.
- Open Standard said OUSD is expected to launch later this year as stablecoin adoption grows under the United States' new regulatory framework.
Open Standard announced the Open USD stablecoin project, backed by more than 140 financial and crypto companies, with businesses able to mint tokens without fees or volume limits while retaining earnings from reserve assets.
The project enters a stablecoin market valued at more than US$312 billion, where Tether and USDC remain the two largest US dollar-pegged stablecoins by market capitalisation, while Open Standard said OUSD is scheduled to launch later this year.
“When Visa, Stripe, Mastercard, Coinbase and Google coordinate on a new stablecoin, the signal is unmistakable,” said Rhino.fi co-founder and CEO Will Harborne.
Open Standard said supporters include Visa, Mastercard, Coinbase, Ripple, OKX and Bybit, and that participating businesses will receive earnings generated from the stablecoin's reserves rather than the issuer retaining that revenue.
Circle Internet Group welcomed the additional competition, with CEO Jeremy Allaire saying the company would continue expanding support for US dollar and non-US dollar stablecoins, while following the announcement Circle shares were down 16% at US$63.63.
The announcement follows the passage of the GENIUS Act in the United States, which establishes a regulatory framework for payment stablecoins and is awaiting final implementation rules from federal authorities.
Open Standard said the regulatory environment could support broader stablecoin adoption, while industry forecasts cited in the announcement project the market could grow from more than US$312 billion to as much as US$4 trillion by 2030.
