Visa, Mastercard Backed Consortium Launches New USD Stablecoin

A new U.S. dollar-pegged stablecoin called OUSD has entered the market, backed by over 100 companies including Visa Inc., Stripe, and Mastercard Inc.

The consortium, which also includes Shopify Inc. and Coinbase Global Inc., has committed to minting $1 billion worth of OUSD to seed liquidity, according to Bloomberg.

OUSD is now available on four blockchains, including Ethereum (ETH) and Solana (SOL), with the consortium planning to integrate it into their products.

The combination of payments networks, crypto infrastructure, and commerce platforms could give OUSD a built-in distribution network as it attempts to gain traction in a market dominated by Tether (USDT) and USDC.