Visa, Mastercard, and BlackRock are among more than 140 companies collaborating to introduce the stablecoin Open USD in the current year.

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• This year, more than 140 companies collaborated with Open Standard to introduce the stablecoin Open USD (OUSD).
• Visa, Mastercard, BlackRock, Coinbase, Stripe, American Express, Discover, BNY, and Standard Chartered are among the participants.
• OUSD will be issued and redeemed without constraints on rates or volume, setting it apart from competitors such as Tether and USDC.
• Earnings from the reservoir will be given to ecosystem participants following the subtraction of administrative fees.
• The launch happens following the authorization of the Genius Act, which governs the cryptocurrency industry.

Over 140 worldwide corporations, such as Visa, Stripe, Mastercard, BlackRock, and Coinbase, have unveiled the introduction of Open USD (OUSD), a fresh stablecoin crafted by Open Standard.

The organization plans to launch the digital asset later this year and stands out by sharing most of the income from its reserves with participating companies in the ecosystem.

The program then unites prominent figures from the finance, tech, and cryptocurrency industries.

Among the participants are payment networks like Visa, Mastercard, American Express, and Discover.

Financial institutions like BlackRock, BNY, and Standard Chartered, as well as tech giants such as Google, Shopify, and IBM, are involved, alongside crypto market platforms like Coinbase, Bybit, OKX, MetaMask, Ripple, and Galaxy.

How the Open USD System Will Function

Companies have the ability to create and redeem Open USD through Open Standard without any fees or restrictions on volume.

Most of the income generated by the reserves supporting the stablecoin will be shared among network participants, minus a minor administrative charge.

The proposal aims to establish a framework where companies promoting the use of digital currency can also benefit from the profits generated by their reserves.

Stablecoin used for transactions and offerings

Participating companies will utilize Open USD as a primary asset in payment solutions, as well as in other financial services, according to the Open Standard FAQ section.

The partners will also be involved in sharing revenue as the use of stablecoin increases, in addition to technological integration and operational assistance.

Open USD will be overseen by an independent organization, allowing shared decision-making among Open Standard member companies, unlike other currencies controlled by a single issuing company.

Stablecoin market is growing in popularity

Open USD is launched during a period of significant growth in the stablecoins sector, largely due to regulatory progress in the US, such as the approval of the Genius Act.

The market is mainly controlled by two currencies, Tether (USDT) and USDC, despite the segment’s expansion, which account for the majority of the market capitalization and trading volume worldwide.

• Cryptus
• BlackRock
• Blockchain technology
• Cryptocurrencies
• Cryptocurrency Market
• Stablecoins are digital currencies designed to maintain a stable value.