Visa, Mastercard, Coinbase and 140+ Firms Launch Open USD Stablecoin

A coalition of 140+ companies including Visa, Mastercard, Stripe, BlackRock, and Coinbase launched Open USD (OUSD), a stablecoin that shares reserve yield with users instead of keeping it. Circle shares dropped 15% on the news.

• OUSD charges no minting or redemption fees and shares most reserve interest with companies using it, directly challenging Circle and Tether's business model.
• The Open Standard consortium includes Visa, Mastercard, American Express, BNY, Google, Shopify, Coinbase, Ripple, MetaMask, and Aave.
• OUSD will launch on Solana, Stellar, Base, and Polygon later in 2026.
• Circle shares fell 15% on the announcement, signaling market concern about USDC's competitive position.
• The stablecoin market is currently worth roughly $300 billion, with Tether at $145B and USDC at $73B.

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