Crypto
Open USD Stablecoin Launches With $1 Billion Backing
A new stablecoin called Open USD (OUSD) has launched on four blockchains - Ethereum, Solana, Base, and Tempo - with over $1 billion in backing from five founding partners: Coinbase, Mastercard, Shopify, Stripe, and Visa.
The company behind OUSD, Open Standard, aims to make the token work like regular money, not just another investment product. CEO Zach Abrams explained that other stablecoins behave more like funds than usable currency.
OUSD has committed over $1 billion toward building liquidity for the coin, ensuring there is enough available for users. The founding partners plan to support OUSD in different ways, such as holding it directly or helping with market-making.