OpenUSD launches with backing from Visa, BlackRock, over 140 firms

OpenStandard has announced the launch of OpenUSD (OUSD), a stablecoin designed for global fund transfers. OpenStandard is a governance body backed by more than 140 payment and cryptocurrency companies, including Visa, Stripe, Mastercard, American Express, BlackRock, BNY, DBS, Coinbase, OKX, MetaMask, Aave, Ripple, Fireblocks, Solana, and Polygon. OpenUSD is designed to allow companies to issue and redeem it at scale without cost, operating on a principle of returning all revenue from deposit assets to partners after deducting a small management fee. Instead of being controlled by a single issuer, its governance will be managed by a board composed of OpenStandard and its partners. OpenStandard plans to officially launch OpenUSD by the end of this year and build the necessary infrastructure to meet payment demands. Following the announcement, shares of Circle (CRCL), the issuer of USDC, fell 17.66% to close at $62.63 on June 30.