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Fintech & Digital PaymentsNews|July 1, 2026, 01:52 AM
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Open USD Consortium Draws Visa, Mastercard And Stripe Backing

BySendTech Times Fintech DeskNewsroom-edited, source-reviewed coverage
Newsroom brief

Open Standard says more than 140 banks, fintechs, payment companies and crypto firms are backing Open USD, a dollar-backed stablecoin planned for later this year, while the public record still lacks transaction volumes or customer commitments.

Verified against source materialEdited by SendTech Times Fintech DeskSource: American Banker
Open USD Consortium Draws Visa, Mastercard And Stripe Backing
Image source: American Banker / Bloomberg

Open Standard Lines Up Payments Backers

Open Standard says more than 140 banks, fintechs, payment companies and crypto firms are backing Open USD, a planned dollar-backed stablecoin.

Named participants include BNY, Huntington Bank, U.S. Bank, American Express, Visa, Mastercard, Stripe and Coinbase.

The consortium structure gives the stablecoin a wider payments roster than a single-issuer launch.

Open Standard says Open USD is scheduled for later this year and will be issued through an independent company with a board made up of partner companies.

The payments angle is the main development.

The project links banks, card networks, fintechs and crypto firms in one stablecoin structure, rather than leaving distribution and reserve economics with one issuer.

Businesses Get No-Cost Minting And Redemption

Open USD is designed to be blockchain agnostic and is expected to start on Coinbase's Base blockchain, Solana and Tempo, along with another network listed by Open Standard.

Businesses will be able to mint and redeem Open USD at no cost, while partners receive reserve proceeds after Open Standard management fees.

The company list also includes Adyen, Affirm, Klarna, Chime, Google, Brex, Standard Chartered, Nuvei, Ramp, Marqeta, Shopify and Remitly.

That roster gives the project reach across merchant acquiring, card payments, banking, commerce software, remittances and crypto infrastructure.

Open Standard named Zach Abrams, co-founder and CEO of Bridge, as interim CEO.

Bridge was acquired by Stripe for $1.1 billion, giving the new venture a direct link to Stripe's stablecoin infrastructure strategy.

Shared Economics Challenge Single-Issuer Models

The launch puts pressure on existing issuer economics because the consortium model shares reserve proceeds with partners.

KeyBanc analysts said the partner breadth, aligned incentives and neutral governance could help adoption, while noting that earlier consortium efforts have produced limited results.

American Banker reported that Circle shares fell more than 16% after the Open Standard announcement.

The share move shows how investors read the consortium as a challenge to USDC issuer economics, while the public record leaves whether Open USD has signed volume commitments undisclosed.

Adoption Proof Has Not Been Disclosed

Open Standard has named a large partner group, an expected launch window and a reserve-proceeds model.

Those disclosures make the project relevant for banks, card networks, fintech platforms and crypto payment infrastructure providers watching stablecoin distribution.

The remaining public gaps are first transaction volumes, named merchant deployments, reserve-management terms, customer commitments or an exact Open USD launch date.

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