TLDR
Payment networks including Visa, Mastercard, Stripe, Coinbase and Shopify are backing Open USD (OUSD), a new stablecoin with about $1 billion in committed launch liquidity.
- Open USD (OUSD) is a dollar stablecoin issued by Bridge, with reserves managed by firms like BlackRock, and multi-chain support from day one.
- OUSD shares most reserve interest with partners and is built for card and merchant payments, positioning it as a direct competitive threat to USDC and, less immediately, to USDT.
- The real test will be whether Visa, Mastercard or Stripe use OUSD as a default settlement asset and whether its supply grows into the tens of billions by around mid 2027.
Deep Dive
1. New Stablecoin And Who Backs It
Open USD (OUSD) launched on 30 September 2026 with roughly $1 billion in liquidity commitments from Visa, Mastercard, Stripe, Coinbase and Shopify, according to a detailed launch article on OUSD and its partner network. Bridge, a Stripe owned firm, issues OUSD and publishes monthly reserve updates, with reserves held across BlackRock, Lead Bank and BNY Mellon.
OUSD went live on Ethereum, Solana, Base and a payment network called Tempo, so it is designed from the start to work both in crypto trading venues and in payment rails.
This is not a small experimental token. It arrives with serious institutional backing, infrastructure and reserve management that regulators and large merchants are more likely to accept.
2. Why OUSD Is Different From USDC And USDT
Tether USDt and Circles USDC keep most of the interest income earned on reserves, which is a major part of their business model. OUSD instead shares most of that income with its partners, who can mint and redeem at 1 dollar without fees, giving payment firms a direct financial incentive to route stablecoin volume through OUSD rather than rivals.
Strategically, OUSD is aimed at card networks, payment processors and Shopify style merchants where USDT and USDC have had relatively limited penetration. The launch article notes that this could be especially challenging for USDC, because Coinbase benefits from USDC revenue but is also an OUSD partner that can favor whichever asset is more profitable.
3. Key Adoption And Risk Signals
Two concrete milestones are highlighted as decisive tests for OUSD. One is whether Visa, Mastercard or Stripe make OUSD their default stablecoin for settlement on at least some programs. The other is whether OUSDs circulating supply reaches tens of billions of dollars by mid 2027, which would move it into the same scale conversation as USDC and eventually USDT.
Until those happen, OUSD is a high potential entrant rather than a proven new standard. Regulatory scrutiny of reserves, disclosure quality and how payment firms manage customer funds will also shape how fast it can grow.
For crypto users and builders, the main things to watch are card networks settlement choices and OUSD supply growth, since either could shift demand away from existing stablecoins and change which assets dominate payment flows.
Conclusion
Large payment companies are backing Open USD with real money and infrastructure, creating a new, payments first competitor to USDC and USDT. If OUSD becomes a default settlement asset and scales its supply, it could reshape stablecoin economics and push more everyday commerce directly onto public blockchains.
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