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FIGR_HELOC $1.03 Open USD stablecoin goes live with Stripe, Visa and Mastercard access
Open Standard's OUSD launched Wednesday with more than $1 billion in launch liquidity and a partner roster above 200.
Key takeaways
- Founders put up $1 billion. The five founders committed more than $1 billion to seed OUSD, and Tempo reported more than $400 million in day-one liquidity.
- Minting is free at par. Businesses can mint and redeem OUSD at par without fees or volume caps, and Open Standard charges a small transaction fee.
- Partners grew to 200. Open Standard unveiled the project with more than 140 partners in June and now counts more than 200.
What happened
Open USD, or OUSD, went live on Wednesday, its operator Open Standard announced on X. The dollar stablecoin is backed by Coinbase, Mastercard, Shopify, Stripe and Visa. Mastercard, Stripe and the Visa Stablecoin Platform are open to businesses now, while Coinbase access starts Oct. 1.
Each of the four integration paths lets businesses mint and burn the token at a 1:1 rate against the dollar at no cost. The token runs natively on Ethereum, Solana, Base and Tempo, and it will first be available to trade on Coinbase, Kraken and Uniswap.
Bridge, a stablecoin infrastructure firm owned by Stripe, issues OUSD. Reserves sit at BlackRock, Lead Bank and BNY, and Bridge plans monthly attestations of its reserves. The five founders committed more than $1 billion to seed OUSD's supply at launch, Open Standard said on Sept. 24.
OUSD arrived on Wednesday with more than $1 billion in launch liquidity. Tempo reported more than $400 million in OUSD liquidity on day one, and its chief business officer, Dan Romero, said the chain is aiming for roughly $1 billion within a few months.
Why it matters
The economics differ from the usual stablecoin model. Businesses that clear know-your-business checks can mint or redeem OUSD at par, without fees or volume caps, while participating companies collect most of the income generated by the token's reserves. Open Standard keeps a small management fee, and partners collect the rest of the reserve yield.
Stripe pitched the token at high-volume cross-border businesses such as remittance and payroll companies, arguing that the variable fees to convert other stablecoins in and out of dollars make them expensive to use. Open Standard instead charges a small transaction fee.
Distribution reaches past crypto venues. Businesses can hold OUSD balances in Stripe Treasury and send them to crypto wallets in more than 100 countries. Open Standard unveiled the project in June with more than 140 partners, and it now counts more than 200.
Henri Stern, co-founder of Privy, said in Stripe's announcement that OUSD offers businesses better economics than other stablecoins.
Background
Abrams co-founded Bridge, which Stripe bought in a $1.1 billion deal announced in 2024.
Open Standard first took the wraps off the project on June 30 with more than 140 companies committed. By Wednesday, that roster had climbed above 200. Coinbase, Mastercard, Shopify, Stripe, and Visa hold equal initial equity stakes.
Open Standard chief executive Zach Abrams said the company wants OUSD to be the most useful stablecoin, and that rivals are building funds while it is building money.
What is still unclear
- Aave Labs has filed a proposal to list OUSD as a supply-and-borrow asset on Aave V3 Core and V4 Core Hub, though not as collateral at first. The reports give no decision date.
- USDC issuer Circle is not a partner, while the wider partner list includes Visa, Mastercard, American Express, Discover, Blackrock, BNY, Standard Chartered, U.S. Bank, Google, Shopify, Coinbase, Ripple and Western Union.
Questions readers ask
What is OUSD?
Open USD is a dollar stablecoin backed 1:1 by U.S. dollars, with reserves held at BlackRock, Lead Bank and BNY. Bridge, which Stripe owns, issues the token, and it runs natively on Ethereum, Solana, Base and Tempo.
Who is behind Open USD?
Open Standard runs the project. Coinbase, Mastercard, Shopify, Stripe and Visa are founding partners and hold equal initial equity stakes, and the five founders committed more than $1 billion to seed its supply.
Where can businesses use OUSD?
Access runs through Stripe, Mastercard and the Visa Stablecoin Platform, with Coinbase support beginning Oct. 1. It will first be available to trade on Coinbase, Kraken and Uniswap.
Does OUSD charge minting fees?
Businesses can mint and burn the token at a 1:1 rate against the dollar at no cost, and Open Standard charges a small transaction fee instead.
