Visa and Mastercard have become founding partners in Open Standard, the organization behind OUSD (Open USD), a dollar-pegged stablecoin that officially launched on September 30, 2026. The two card networks hold equal equity stakes alongside Coinbase, Shopify, and Stripe. The five founders have committed over $1 billion to support the token's liquidity.
How OUSD Works
OUSD launched simultaneously on four blockchains: Ethereum, Solana, Base, and Tempo. Businesses can mint the token at a 1:1 ratio against US dollars with no fees or volume limits, and redeem it under the same terms.
Reserves backing OUSD are held by BlackRock, BNY, and Lead Bank, with Open Standard publishing monthly attestations. Bridge, a stablecoin platform owned by Stripe, manages the compliance and custody infrastructure.
Economic Model Sets OUSD Apart
Unlike most stablecoin issuers that retain interest earned on reserves, OUSD shares most reserve earnings with its partners while keeping a small management fee. This structure attracted rapid expansion of the partner network, which grew from over 140 companies at announcement to more than 200 by launch day. Stripe designated OUSD as its default stablecoin for business transactions.
Card Networks' Strategic Position
Visa and Mastercard stated they intend to support multiple stablecoins alongside OUSD, citing broader adoption of the technology and interoperability across platforms as goals. Mastercard acquired BVNK before OUSD's launch, adding stablecoin infrastructure capabilities to its operations.
Competitive Landscape
The stablecoin market already exceeds $300 billion in total supply, dominated by Tether's USDT and Circle's USDC. OUSD's competitive advantage lies in its distribution network: Coinbase provides crypto-native reach, Shopify brings merchant connections, Stripe controls payment flows, and Visa and Mastercard hold relationships with banks and businesses worldwide.
Market Implications
For enterprises, OUSD's fee-free and limit-free mint and redemption process creates pressure on providers that charge for conversions or cap volumes. The yield-sharing model gives distribution partners financial incentive to prioritize OUSD integration.
By holding equity in OUSD while backing other stablecoin initiatives, Visa and Mastercard position themselves to capture value across multiple outcomes rather than concentrating risk on a single token.
