Open Standard

Open Standard has launched Open USD on Ethereum, Solana, Base and Tempo with Coinbase, Mastercard, Shopify, Stripe and Visa as founding partners. The stablecoin issuer is pitching a partner-driven ownership and rewards model as it enters a market led by USDT and USDC.

Coinbase, Visa and Mastercard executives are presenting Open USD as an added stablecoin network rather than a replacement for USDC. The messaging follows a sharp Circle stock selloff after investors initially viewed the more than 140-partner consortium as a direct threat to the $72 billion USDC ecosystem.

Visa has launched an enterprise stablecoin platform designed to help banks, fintechs and crypto firms issue, store, transfer and redeem Open USD through a Visa-managed system. The move adds competitive pressure to Circle, whose shares fell about 5% as investors weighed the impact of new stablecoin distribution models.

Circle shares dropped after the launch of Open Standard’s Open USD, a consortium stablecoin designed to rival USDC by sharing reserve income with partners. Analysts say the market may be overreacting, but the new token still faces a difficult test around structure, incentives and real-world adoption.