- Backed by Coinbase, Mastercard, Stripe, and Visa, the stablecoin from the Open Standard consortium officially begins commercial operations today, October 1.
- Three key developments accompanying the launch
Open USD (OUSD) enters a stablecoin market worth more than US$300 billion, currently dominated by USDT (around US$143 billion in circulation) and USDC (close to US$74 billion). As we reported months ago, the project’s goal is not simply to introduce another digital dollar: it aims to distribute ownership and economic benefits among the companies that distribute and use it.
Today, October 1, the asset officially goes live, bringing three notable announcements.
1. Networks and Reserves
The token, issued by Bridge (Stripe), has been available since September 30 on Ethereum, Solana, Base, and Tempo. Starting October 1, businesses can integrate it through Stripe, Visa, Mastercard, and Coinbase.
Minting and burning are conducted on a 1:1 basis with no fees, while reserves are held by BlackRock, Lead Bank, and BNY.
The five founding partners—Coinbase, Mastercard, Shopify, Stripe, and Visa—have committed more than US$1 billion in liquidity over the coming months. Most of Open Standard’s equity will be distributed over the next four to five years among partners based on their contribution to OUSD’s growth.
The network already includes more than 200 companies, with UBS, SBI Holdings, and Jeeves among the latest additions. Mercado Libre and Mercado Pago are also members of the consortium.
A Different Business Model
Stablecoin issuers earn interest on the cash and securities backing their tokens. Tether retains most of that revenue, while Circle shares a portion with distributors such as Coinbase.
Open Standard wants to make that relationship the core of its model. Founding partners will not receive a preferential share of revenues; instead, they will earn rewards based on the amount of OUSD they help generate, under the same framework as the rest of the network.
In addition, participants that exceed a minimum threshold will be able to earn equity by combining supply growth with transactional activity, creating an incentive to use the token rather than simply hold it.
2. Ledger Joins as a Launch Partner
Digital asset security company Ledger announced that it will serve as a launch partner for OUSD and highlighted its clear signing approach, which enables users to verify every value transfer before approving it.
For now, the company has not disclosed the technical scope of the integration.
3. Pi Network Announces a Partnership
The Pi Core Team announced a partnership with Open Standard to explore OUSD-based rewards programs for its users, known as Pioneers, as well as broader utility within the ecosystem.
Details of the partnership have not yet been finalized, but the announcement has raised expectations around the Web3 platform, which already has millions of users worldwide.