Open USD takes on Tether, Circle with a different stablecoin model that’s ‘building money’
The “overwhelming majority” of Open Standard’s equity will be distributed over time to partners based on how much they help grow the stablecoin, CEO Zach Abrams said.
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Summary
- Open USD, the stablecoin project backed by Mastercard, Visa and Stripe, went live on Wednesday on Ethereum, Solana, Base and Tempo as an Open Standard targets payments, banking, settlement and institutional trading in a stablecoin market still dominated by USDT and USDC.
- Coinbase, Mastercard, Shopify, Stripe and Visa are Open Standard’s first five founding partners and investors, each getting an equal initial equity stake in the company.
- CEO Zach Abrams said the “overwhelming majority” of Open Standard’s equity will eventually be distributed to founders and other partners based on how much they help grow OUSD supply and transaction activity.
- Open Standard’s broader partner network has grown from more than 140 to over 200 companies, with UBS, Japan’s SBI Holdings and fintech Jeeves among the latest additions.
