OpenStandard, backed by 140+ firms, to launch Open USD stablecoin

OpenStandard, a governance body backed by over 140 payment and crypto firms including Visa, Stripe, Mastercard, BlackRock, Coinbase, Ripple, and Solana, has announced the launch of a new stablecoin, Open USD (OUSD), designed for global fund transfers. Open USD will allow enterprises to issue and redeem the stablecoin at scale without cost. The project has adopted a principle of returning all revenue from deposit asset yields to its partners, minus a small management fee. Governance will be managed by a board composed of OpenStandard and its partners, rather than being controlled by a single issuer. OpenStandard plans to officially launch OUSD by the end of this year to build out infrastructure tailored to payment demands. Following the announcement, shares of USDC issuer Circle (CRCL) closed down 17.66% at $62.63 on June 30.