Major payment networks launch new dollar stablecoin

TLDR

Visa, Mastercard, Stripe and Coinbase are backing a new dollar stablecoin called Open USD (OUSD) aimed at business payments and settlement.

1. Open USD (OUSD) is live on Ethereum, Solana, Base and Tempo, with over $1 billion in liquidity commitments from Coinbase, Mastercard, Shopify, Stripe and Visa.
2. Businesses can mint and redeem OUSD 1:1 in USD with no fees or volume caps, and partners receive most reserve income, creating a new revenue model versus USDT and USDC.
3. The impact will depend on how quickly OUSD gains real transaction volume across cards, cross-border payments and exchanges, and how regulators treat this card-network backed model.

Deep Dive

1. What Launched And Who Is Behind It

Open Standard has launched Open USD (OUSD), a fully reserved dollar stablecoin issued by Bridge, a Stripe subsidiary, with more than $1 billion in near-term liquidity commitments from Coinbase, Mastercard, Shopify, Stripe and Visa. Reports say OUSD is live natively on Ethereum, Base, Solana and Tempo, rather than as bridged tokens, with reserves held at institutions such as BlackRock, Lead Bank and BNY Mellon and monthly attestations planned. Businesses that complete know-your-business checks can mint and redeem OUSD at a 1:1 rate with no fees, using stablecoin platforms and APIs provided by Visa, Mastercard, Stripe and Coinbase for settlement, wallets, cards and trading via venues like Coinbase, Kraken and Uniswap.

2. How OUSD Changes The Stablecoin And Payments Landscape

OUSD enters a stablecoin market of more than $300 billion that is still dominated by Tether USDt and USDC, but its structure differs from incumbents by sharing nearly all reserve revenue with partners after a small management fee. That means banks, payment processors and fintechs that distribute or use OUSD can earn on the float, giving them a direct economic reason to route stablecoin flows through this network rather than rivals. At the same time, card-linked integrations such as Stripes stablecoin payment flows and Visas stablecoin platform let merchants and fintechs plug OUSD into existing checkout and settlement systems instead of building new crypto-only stacks.

3. What To Watch Next For Crypto Users

Three signals will likely determine how important OUSD becomes. First, actual circulation and trading depth on exchanges like Coinbase and Kraken, compared with USDT and USDC, will show whether traders adopt it beyond enterprise flows. Second, payment and remittance usage, such as card settlement, cross-border treasury and B2B transfers, will reveal whether traditional payment networks truly shift volume on-chain. Third, regulatory reactions to a card-network backed dollar token, plus the success of regulated alternatives such as AllUnitys MiCA-compliant USDAU, will shape how far these models can scale in the US and Europe.

Confidence: high, because multiple independent reports and official partner statements describe the same launch structure, chains, partners and economics for OUSD.

Conclusion

A major dollar stablecoin now has Visa, Mastercard, Stripe, Coinbase and Shopify as founding backers, with a design that pushes most reserve income to network partners. If OUSD gains meaningful liquidity and real-world payment usage, it could pressure existing issuers, accelerate card-linked stablecoin spending and further blur the line between crypto rails and traditional payment networks.