Ethereum Gets Boost as Over 140 Companies Back New Stablecoin Project
OpenUSD (OUSD), a new stablecoin project backed by over 140 companies including Visa, Mastercard, and BlackRock, is set to launch on the Ethereum network. The consortium of companies, which also includes Stripe, BNY Mellon, and others, aims to make it easier for businesses to conduct digital dollar transactions.
Open USD (OUSD) will use a reserve revenue model, where returns from its reserves are shared with partners in the ecosystem after deducting operational management fees. This approach stands out compared to some existing large stablecoin models.
The launch of OUSD on Ethereum is significant, as it solidifies the platform's position in the institutional finance space. The move highlights Ethereum's growing importance as a significant infrastructure for institutional use in stablecoins and other applications.