Today Open Standard unveiled plans for a new stablecoin OpenUSD backed by more than 140 firms including Visa, Mastercard, BlackRock, BNY, Google and Coinbase. Partners will share all reserve revenues minus a small management fee, and there will be no charges for minting and burning. The founding CEO is Zach Abrams, the CEO of Bridge, the stablecoin infrastructure firm acquired by Stripe in 2024.
When Facebook floated its Libra (Diem) stablecoin in June 2019, central bankers rallied to block it. The US regulatory landscape has shifted considerably since then with the passage of the GENIUS Act. But in other jurisdictions, if central bankers didn’t like Libra they will probably hate OpenUSD, which has a much larger network. Ironically the list includes many former Libra members, but not Meta.
The 140 firms span every layer of financial infrastructure. All the major Western card networks have signed up (Visa, Mastercard, American Express, Discover), alongside systemically important banks from across the globe including BNY, Mizuho, SMBC and Standard Chartered. BlackRock, the Intercontinental Exchange (owner of the NYSE), and technology firms such as Google, IBM and Infosys round out the list.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
