Visa-Backed Consortium Launches New Stablecoin to Take on Tether and USDC

A new U.S. dollar-pegged stablecoin called OUSD has been launched by Open Standard, a consortium backed by over 100 companies including Visa Inc., Stripe, and Mastercard Inc.

The launch aims to compete with the dominance of Tether (USDT) and USDC in the market, which have roughly $184 billion in circulation.

According to Bloomberg, the consortium has committed to minting around $1 billion worth of OUSD to seed liquidity.

OUSD is already live across four blockchains, including Ethereum (ETH) and Solana (SOL), with consortium members planning to integrate the stablecoin into their products.