Coalition of Rivals Launches Dollar-Backed Stablecoin on Solana Network

A new dollar-backed stablecoin called Open USD (OUSD) has been launched by a coalition of over 140 companies, including BlackRock, Visa, Mastercard, Stripe, and Coinbase. The OUSD is being built on the Solana network, which is known for its speed and low fees.

The cooperation between these rivals marks a significant shift in the financial industry, where companies are putting aside their competitive interests to build a shared tool. This stablecoin is designed to share its reserve earnings with the businesses using it, rather than keeping them for itself like most other stablecoins do.

Zach Abrams, co-founder of Stripe-owned Bridge and founding CEO of Open Standard, describes OUSD as 'a stablecoin built for the internet economy, designed by the businesses growing it'. This means that instead of being controlled by a single company, the OUSD is owned by its coalition of users.