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Visa, Mastercard Join Forces to Launch Stablecoin Challenger Open USD
A coalition of major payment, banking, and crypto firms has launched Open USD (OUSD), a new dollar-pegged stablecoin aimed at challenging market leaders Circle's USD Coin (USDC) and Tether's USDT.
The consortium behind OUSD includes Visa, Mastercard, Stripe, BlackRock, and Coinbase, as well as major banks and fintech companies. The new stablecoin will share reserve income with its partners, unlike incumbents like Circle and Tether, which retain most of that revenue.
US lawmakers are advancing the CLARITY Act, which proponents argue will bring clearer crypto rules and spur institutional adoption. Regulatory clarity would favor large, well-capitalized entrants with established compliance infrastructure.