A New Stablecoin Alliance Signals the Next Phase of Digital Payment

14 August, 2026.

On June 30, 2026, Open Standard announced Open USD (OUSD): A shared stablecoin for global financial activity, a proposed stablecoin backed by more than 140 organisations across financial services, payments and technology. The partners include Visa, Mastercard, American Express, BlackRock, BNY, Standard Chartered, DBS, Google, Shopify, DoorDash, Coinbase, Ripple and Fireblocks. Stripe is also among the organisations backing the initiative.

Open USD is designed around a network of participating businesses rather than a single commercial issuer. Partners are expected to share in the income generated by the reserves backing the stablecoin, after management costs, while minting and redemption are intended to carry no fees. The stablecoin is expected to launch later in 2026.

That model introduces a different approach to stablecoin economics. Traditional issuers have generally retained the income generated by the reserves supporting their tokens. Open USD proposes to distribute most of that income among the businesses helping build and distribute the network.

The announcement immediately raised questions about Circle and USDC. Circle’s shares fell more than 17% following the Open USD announcement, although CoinDesk notes that Circle craters 17% as Stripe, Coinbase and BlackRock back rival stablecoin network, with the movement also coinciding with Circle’s removal from several Russell growth indexes. The decline, therefore, cannot be attributed entirely to the new consortium.

The timing is relevant because Coinbase, one of Open USD’s partners, has an existing revenue-sharing relationship with Circle. The initial term of that agreement is due to end on August 18, 2026, with provisions for renewal. Coinbase’s participation in Open USD gives it another position from which to approach the economics of its stablecoin relationships.

The market has also become more nuanced since the initial announcement. Executives at Coinbase, Visa, and Mastercard have indicated that they expect to support multiple stablecoins, suggesting that Open USD may develop alongside USDC rather than replace it outright.

The larger opportunity may therefore sit in the infrastructure underneath the currencies themselves.

For businesses managing payments, treasury, and cross-border transactions, stablecoins are becoming increasingly relevant as financial infrastructure.

The involvement of major payment networks, banks, technology companies, and asset managers suggests that adoption may increasingly happen through existing business relationships. A company may eventually use stablecoin-based settlement through its payment provider without having to build a separate digital-asset operation internally.

This creates a different competitive landscape. The focus extends beyond which company issues the most widely used stablecoin to which networks become embedded in the payment systems businesses already depend on.

Open USD is one example of a broader institutional push. Paxos has developed the Global Dollar Network with partners including Robinhood, Kraken, and Galaxy Digital. In Europe, banks and payment providers have formed Qivalis around a euro-denominated stablecoin. Mastercard has also acquired stablecoin infrastructure company BVNK, demonstrating the growing interest of established financial institutions in the underlying technology.

Financial institutions and technology companies are increasingly positioning themselves around the infrastructure through which digital money will move.

It is too early to determine whether a consortium of more than 140 organisations can maintain alignment as Open USD moves from announcement to implementation. The partners have different businesses, incentives and relationships with the existing financial system.

What is clear is the level of institutional interest behind the model.

Stablecoins are increasingly being considered as part of future payments infrastructure, with participation from companies such as Visa, Mastercard, BlackRock, Stripe and Coinbase.

For investors and operators, the more useful question is which businesses will own, operate and benefit from the infrastructure that allows digital money to move at scale.

That is where the longer-term strategic opportunity may lie.

References

• Open Standard, Open USD: A shared stablecoin for global financial activity

• CoinShares, What Is Open USD (OUSD) and What Does It Mean for Stablecoins?

• CoinDesk, Circle craters 17% as Stripe, Coinbase and BlackRock back rival stablecoin network

• CoinDesk, Open USD poses biggest threat yet to Circle’s USDC, CoinShares says