Open Standard plans OUSD stablecoin with Stripe and Visa among partners
Open Standard says more than 140 businesses are backing OUSD, a dollar stablecoin set to launch later this year.
By Daniel Okafor · Business Editor
2 min read
Open Standard said Tuesday it plans to launch a new dollar stablecoin, Open USD, with Stripe, Visa, BlackRock and more than 140 other businesses listed as partners. The project matters because it puts a large corporate group into a market led by Tether and Circle, the two biggest stablecoin issuers.
The company said OUSD is expected to launch later this year. Fortune reported that Open Standard did not say which blockchain the token will use.
Open Standard said the stablecoin is designed to share most of the revenue earned from its reserves with participants, after a small management fee. Reserve revenue refers to interest generated by the assets held to back the token, according to Fortune.
Zach Abrams, Open Standard’s interim CEO, said in a statement that OUSD was built for internet commerce and the companies expanding it. Fortune reported that Abrams also co-founded Bridge, the stablecoin startup Stripe acquired for $1.1 billion in 2025.
A challenge to the market leaders
Tether and Circle are not part of the Open Standard group, according to Fortune. Their absence puts the planned token in direct competition with the dominant issuers of dollar-pegged stablecoins.
CoinGecko reported that Tether’s USDT held about 62% of the stablecoin market in April, while Circle’s USDC had about 25%. Stablecoins are crypto tokens tied to real-world assets such as the U.S. dollar.
Circle shares fell 13% after the OUSD announcement and traded at $66, Fortune reported. Circle CEO Jeremy Allaire wrote on X that the company welcomed more innovation and competition in the sector.
Fortune said Tether did not immediately respond to its request for comment.
Corporate stablecoin activity grows
Fortune reported that OUSD follows a wave of stablecoin projects after President Donald Trump signed the Genius Act in July 2025. The law created a regulatory framework for stablecoins, according to Fortune.
Several companies have tested or pursued similar efforts. Klarna launched KlarnaUSD in November, while Amazon and Walmart have expressed interest in issuing their own stablecoins, according to Fortune and the reports it cited.
Corporate groups have also tried shared stablecoin and blockchain projects before. Paxos launched USDG in November 2024 through the Global Dollar Network, whose participants include Mastercard, Robinhood and Kraken, according to Fortune.
Stripe has also worked with venture firm Paradigm and design partners on Tempo, a blockchain built to support stablecoin payments, Fortune reported. Earlier this month, JPMorgan Chase, Bank of America, Citigroup and other banks unveiled a shared deposit network through The Clearing House that allows bank deposits to move as digital tokens over blockchain-style systems, according to Fortune.
This story draws on original reporting from Fortune.