Visa and Stripe Join Over 100 Partners to Launch Open USD Stablecoin
Free NewsletterGet the hottest Fintech Singapore News once a month in your InboxA consortium of over 100 partners, includingVisa,Mastercard, andStripe, has formed Open Standard to launch a new stablecoin. . .
Free NewsletterGet the hottest Fintech Singapore News once a month in your InboxA consortium of over 100 partners, includingVisa,Mastercard, andStripe, has formed Open Standard to launch a new stablecoin named Open USD (OUSD). The digital asset will share its reserve income with participating businesses, as reported byThe Block. Open Standard will allow businesses to mint and redeem the stablecoin without fees or volume limits. An independent organisation will manage Open USD with governance shared among partner companies, replacing the traditional model of a single central issuer. The initiative includes financial institutions such asBlackRockandStandard Chartered, technology providers likeGoogle, and crypto firms includingCoinbase. Companies that join the consortium will use the stablecoin as a core payment asset, receiving technical support and earning revenue based on its adoption. Zach Abrams“Existing stablecoins have great strengths, but to use them at scale, businesses need something that’s open, low-cost, high-throughput, broadly accessible, and aligned to their interests. We’re thrilled to bring together over 140 businesses to launch Open USD. ”Zach Abrams, Founding CEO of Open Standard, said. Featured image credit: Edited by Fintech News Singapore, based on image bysmartmalik6384via Magnific