A consortium of leading financial institutions and technology companies has unveiled Open USD (OUSD), a new shared stablecoin initiative designed to provide standardized digital dollar infrastructure for payments, settlement and the broader internet economy.
Announced on June 30, the project brings together more than 100 founding partners, including Visa, Mastercard, Stripe, Coinbase, American Express, BlackRock, U.S. Bank, BBVA and Standard Chartered, marking one of the largest collaborative efforts yet to build institutional stablecoin infrastructure.
Rather than competing as another standalone issuer, Open USD aims to establish a common standard that participating financial institutions can integrate into existing payment networks and digital asset services.
Open USD has been developed as an open-standard stablecoin intended to function as common financial infrastructure rather than a proprietary payment product.
The consortium’s objective is to create a digital dollar that banks, payment companies, fintech platforms and blockchain developers can adopt across multiple use cases, including cross-border payments, treasury management and tokenized asset settlement.
Unlike traditional stablecoin models, where reserve income primarily benefits the issuer, Open USD introduces a revenue-sharing framework designed to distribute economic benefits across the broader ecosystem.
Project participants say the model is intended to align incentives among financial institutions, payment providers and distribution partners while encouraging wider adoption.
The stablecoin will be issued natively on Tempo, a blockchain network selected to support institutional-scale payments and programmable financial applications.
Support from companies spanning payments, banking, asset management and digital assets reflects growing demand for standardized blockchain infrastructure capable of integrating with existing financial systems.
According to Visa’s Head of Crypto, Cuy Sheffield, the initiative is intended to help move stablecoins beyond isolated crypto use cases by making them a foundational component of modern financial infrastructure.
The consortium views programmable digital dollars as a critical building block for the next generation of payments rather than simply another cryptocurrency.
The launch comes as stablecoins continue evolving into one of blockchain’s fastest-growing sectors.
Global stablecoin circulation has surpassed $310 billion during 2026, with institutions increasingly adopting tokenized dollars for settlement, liquidity management and cross-border transactions.
Until now, the market has largely been dominated by Tether’s USDT and Circle’s USDC, both operated under centralized issuer models.
Open USD introduces an alternative structure in which multiple financial institutions collectively participate in governance, distribution and economic incentives instead of relying on a single issuer.
Analysts say the consortium model could accelerate institutional adoption by reducing dependence on individual stablecoin providers while encouraging interoperability across payment networks.
While previous stablecoins like USDT and USDC relied on centralized issuance – where a single entity holds the reserves and dictates terms – OUSD shifts to a consortium-led model. This is a crucial evolution in the wake of the 2026 GENIUS Act. By distributing governance and reserve management across a network of regulated financial institutions rather than a single firm, the OUSD consortium mitigates “single point of failure” risk.
This model isn’t just a technical upgrade; it is a regulatory safeguard that aligns with the federal requirement for reserve transparency and institutional-grade risk management. For banks and enterprises, this collective approach lowers the barrier to entry, as the compliance burden is shared across the consortium, providing a safer, more predictable environment for cross-border settlement.
The announcement follows significant regulatory progress in major financial markets.
In the United States, the GENIUS Act established a federal framework for payment stablecoins, providing greater legal certainty for banks and financial institutions integrating digital dollar infrastructure.
Clearer regulatory standards have encouraged traditional financial firms to move beyond pilot programs and begin incorporating stablecoins into core payment and treasury operations.
The regulatory environment stands in sharp contrast to previous attempts at corporate-backed digital currencies, including Meta’s Libra project, which faced substantial opposition before comprehensive stablecoin legislation existed.
Beyond traditional payments, Open USD is also being positioned as infrastructure for the emerging agentic AI economy.
Industry participants increasingly view programmable stablecoins as essential for autonomous software agents capable of making payments, settling transactions and interacting with digital services without human intervention.
Companies such as Stripe and Coinbase have highlighted machine-to-machine commerce as one of the next major growth opportunities for blockchain-based payments, where AI systems require internet-native money that can move instantly across global networks.
By combining institutional financial infrastructure with programmable settlement capabilities, Open USD aims to position itself at the intersection of traditional finance, blockchain technology and artificial intelligence.
As financial institutions continue embracing tokenized assets, the launch of Open USD signals that competition in the stablecoin market is expanding beyond individual issuers toward collaborative infrastructure designed to power the next generation of global digital finance.
