Major Companies Launch Stablecoin Backed by Over $1 Billion in Reserves

A new stablecoin called Open USD has been launched by Open Standard, a consortium of major companies including Coinbase, Mastercard, Shopify, Stripe, and Visa. The launch is backed by over $1 billion in committed short-term reserves.

The stablecoin is available on several blockchain networks, including Base, Ethereum, Solana, and Tempo, with additional networks and financial integrations planned.

Open USD can be converted between US dollars and OUSD at a 1:1 rate, with businesses able to mint and redeem the stablecoin without fees through integrations and APIs. The launch is aimed at expanding access to dollar-based digital payments and financial services.

The Oracle partner for Open USD is Chainlink, which provides external information that can be used by smart contracts. This integration allows OUSD to be incorporated into a broader range of decentralized financial products.