Leading Global Payments, Banking Firms Launch Open USD Stablecoin Network

More than 140 companies across banking, payments, fintech, technology, and digital assets have launched Open USD (OUSD), a new dollar-backed stablecoin network designed to make institutional stablecoin adoption more accessible and economically attractive. Unlike traditional stablecoin models where reserve income is largely retained by issuers, Open USD introduces a shared economic model that allows participating businesses to benefit from the value generated by the network. A consortium of over 140 global organizations has unveiled OpenUSD (OUSD), a dollar-backed stablecoin and open financial infrastructure aimed at accelerating enterprise adoption of digital dollars.

The initiative, led by the co-founder of stablecoin infrastructure company Bridge, is supported by major industry players including Coinbase, Visa, Mastercard, BlackRock, Google, Ripple, and BNY. Governance of the network will be overseen by Open Standard, an independent non-profit organization responsible for maintaining technical standards, reserve policies, and future protocol development.

The consortium says Open USD was created to address several structural challenges that have limited institutional stablecoin adoption.

Under the proposed model, businesses connected to the network will be able to mint and redeem Open USD without fees while retaining a meaningful share of the yield generated from the reserves backing the stablecoin. This differs from existing stablecoin models where reserve earnings are typically concentrated with a single issuer.

According to the consortium, the network is intended to establish an open financial standard rather than another proprietary stablecoin ecosystem. "Today's stablecoin market is fragmented and closed," the consortium said.

"Open USD creates an open standard that aligns incentives across the ecosystem and allows every participant to benefit from network growth."

The initiative has attracted participation from a broad range of financial institutions, payment providers, and technology companies.

Among them are Visa, Stripe, Mastercard, American Express, Discover, Western Union, MoneyGram, Standard Chartered, DBS, U.S. Bank, BBVA, Commonwealth Bank of Australia, Google, IBM, Shopify, Mercado Libre, Coinbase, Bybit, OKX, Solana, Ripple, Fireblocks, Gemini, MetaMask, Ledger, MoonPay, Polygon, Stellar, Bitget Wallet, and dozens of other global organizations spanning payments, banking, and blockchain infrastructure.

The consortium says the platform is designed to support a wide range of institutional use cases, including:

Cross-border payments

Treasury management

Onchain financial services

Another distinguishing feature of OpenUSD is its revenue-sharing framework. Rather than concentrating reserve-generated income with the issuer, the network distributes earnings among participating institutions after operating costs are covered. The consortium believes this creates stronger incentives for banks, fintech companies, and payment providers to integrate stablecoins into their existing products and services.

The infrastructure has also been built to operate across multiple blockchain networks while maintaining compliance with regulatory requirements across major jurisdictions. Carolyn Weinberg, Chief Product and Innovation Officer at BNY, described the initiative as a significant step toward institutional adoption of digital assets. A stablecoin with neutral governance and shared economics is a unique combination that has the potential to unlock the next phase of digital asset growth. We anticipate that stablecoins alone may grow to $1.5 trillion by 2030, and we look forward to exploring ways for BNY to support Open USD.

The launch comes as governments continue introducing regulatory frameworks for stablecoins and financial institutions increasingly explore blockchain-based settlement infrastructure. Rather than competing solely on issuance, the consortium is betting that open governance, interoperability, and shared economic incentives will encourage broader participation from traditional financial institutions and payment companies.

The launch of Open USD signals an important shift in the evolution of stablecoins from crypto-native trading assets to shared financial infrastructure. By combining open governance with distributed economic incentives, the consortium aims to lower adoption barriers for banks, fintechs, and payment providers while accelerating the use of programmable digital dollars across global financial markets.

If successful, Open USD could redefine how institutional stablecoins are issued, governed, and monetized, moving the industry away from issuer-centric models toward a more collaborative ecosystem where network participants collectively benefit from growth.