Open USD stablecoin draws banks, card networks and crypto firms

Open Standard is preparing to launch Open USD, a stablecoin aimed at global money movement, with backing from more than 140 financial institutions, payment networks and technology partners. The project matters for corporate finance teams because it is designed as shared payment infrastructure rather than a single-company coin.

Fortune reported that participants include Visa, Mastercard, American Express, Stripe, BlackRock, Citizens Bank and Coinbase. Fireblocks is also involved as an infrastructure partner, according to Fortune.

Open USD is expected to launch later this year, according to Open Standard. The company says the stablecoin will be run by an independent company overseen by a board made up of partner organizations.

That structure is meant to spread control over key rules, including reserves, redemptions and technical standards, across participating firms rather than leaving those choices to one issuer, according to Fortune. For banks, payments companies and nonbank lenders, that makes the project a test of whether shared stablecoin infrastructure can work in live financial operations.

A consortium model for tokenized dollars

Stephen Tu, vice president in Moody’s Ratings’ Financial Institutions Group, told Fortune’s CFO Daily that Open USD remains at an early stage. He described it as a potentially significant cross-industry consortium seeking a role in the next phase of stablecoin payment systems.

Tu said the structure matches a broader pattern also appearing in tokenized deposits. In his view, consortium models can align incentives, expand distribution and support interoperability through shared governance, Fortune reported.

The business model also differs from major stablecoins already in use. Open USD says partners will be able to mint and redeem tokens without paying a fee, while sharing reserve income after a management fee, according to Fortune.

For finance chiefs handling settlement collateral, cross-border liquidity and large payment flows, that approach could change how idle settlement balances are treated. Fortune reported that the model raises the possibility of those balances producing income inside a framework participants help oversee.

Volume will decide the outcome

Tu cautioned that adoption will determine the project’s effect. He told Fortune that Open USD’s impact will depend on whether partners send meaningful payment volume through it, rather than adding another token alongside existing payment systems.

The launch comes as stablecoin transaction volumes have risen sharply in recent years, according to Fortune. Much of that activity still comes from digital-asset markets, while the longer-term question is whether tokenized dollars become part of treasury work, cross-border settlement and institutional payments.

Fireblocks CEO and co-founder Michael Shaulov said in a company blog post that digital assets are becoming part of the infrastructure behind the movement of value worldwide and are changing business-critical payment flows. Fortune cited the post in describing why infrastructure firms are positioning themselves for wider enterprise use.

Open USD may face the same challenge as other payment networks: turning industry interest into regular use. For CFOs, the project offers an early look at whether consortium-run stablecoin systems can become a standard part of corporate payments.

This story draws on original reporting from Fortune.