Key facts
- Visa, Mastercard, Coinbase, BlackRock, and over 140 other businesses launched the Open USD (OUSD) stablecoin.
- OUSD is operated by Open Standard and offers free, uncapped minting and redemption.
- Reserve earnings from OUSD will be shared among partner businesses.
- Governance of OUSD will be managed by a board of partner companies.
- Circle's stock price dropped 18% following the announcement of OUSD.
A consortium of over 140 businesses, including major players like Visa, Mastercard, Coinbase, BlackRock, and Ripple, has launched Open USD (OUSD), a new stablecoin designed for global money movement. The stablecoin, operated by Open Standard, aims to challenge the dominance of existing stablecoins like Tether (USDT) and Circle's USD Coin (USDC) by offering a different model.
OUSD distinguishes itself by providing free minting and redemption for businesses without volume caps. Crucially, it plans to share the earnings generated from its reserves, primarily held in U.S. Treasurys, with its partner companies, minus a small management fee. Governance will be handled by a board composed of these partner businesses, shifting power away from a single entity.
The market has reacted swiftly to the announcement, with Circle's stock price reportedly falling by as much as 18%. Stripe's president indicated that Open USD is expected to become the default stablecoin for businesses on its platform. This move directly targets the revenue stream of incumbent stablecoin issuers, which profit significantly from the yield on their reserves.
In broader market news, Citi has reduced its 12-month price target for Bitcoin from $112,000 to $82,000, citing factors such as ETF flows and regulatory progress. Separately, President Trump's annual financial disclosure revealed over $1.2 billion in earnings from his cryptocurrency ventures in 2025, with significant amounts attributed to a memecoin and token sales from a DeFi venture. The Securities and Exchange Commission (SEC) has also initiated a 60-day comment period regarding novel ETFs, including those focused on crypto assets.