Visa Mastercard Stripe Back 1 Billion Dollar Stablecoin Challenge

Visa, Mastercard, Stripe, Coinbase, and Shopify have collectively committed $1 billion in liquidity to the newly launched Open USD stablecoin, or OUSD, which debuted on September 30, 2026. OUSD is designed to maintain a stable value of $1, and its launch marks a significant entry into a market dominated by existing players like Tether (USDT), USD Coin (USDC), and Ripple's RLUSD.

Unlike its competitors, OUSD shares reserve interest income with its over 200 partner companies, creating a financial incentive for Coinbase to favor OUSD over USDC. This profit-sharing model sets OUSD apart, as companies distributing it become stakeholders, with the ability to create and redeem tokens at no fee. The stablecoin is issued by Bridge, a company acquired by Stripe in 2024, and its reserves are managed by BlackRock, Lead Bank, and BNY Mellon.

While OUSD's $1 billion commitment is substantial, it remains a fraction of the market caps of USDT ($184 billion), USDC ($74 billion), and RLUSD ($2.5 billion). However, its integration with major payment networks like Visa and Mastercard, along with Shopify stores, positions it uniquely. The initial trading liquidity of OUSD exceeded $400 million on its first day, indicating strong early interest.

The biggest threat from OUSD is likely to USDC, as Coinbase, a partner in both tokens, may promote the more profitable option. Visa's involvement adds pressure, as the company has been exploring USDC for settlements but now supports a rival. Ripple's RLUSD also faces competition, particularly in the cross-border payment space where OUSD's partners are already active. The clearest indicator of OUSD's impact will be its adoption for settlements and its growth in supply, which could disrupt the competitive landscape by mid-2027.