SendTech Times
العربية
Fintech & Digital PaymentsNews|July 1, 2026, 01:52 AM
MARKET SIGNAL:

Open USD Consortium Draws Visa, Mastercard And Stripe Backing

BySendTech Times Fintech DeskNewsroom-edited, source-reviewed coverage|Source: American Banker
Newsroom brief

Open Standard says more than 140 banks, fintechs, payment companies and crypto firms are backing Open USD, a dollar-backed stablecoin planned for later this year, but the group has not disclosed transaction volumes or customer commitments.

Verified against source materialEdited by SendTech Times Fintech Desk
Open USD Consortium Draws Visa, Mastercard And Stripe Backing
Image source: American Banker / Bloomberg

Open Standard Lines Up Payments Backers

Open Standard says more than 140 banks, fintechs, payment companies and crypto firms are backing Open USD, a planned dollar-backed stablecoin.

Named participants include BNY, Huntington Bank, U.S. Bank, American Express, Visa, Mastercard, Stripe and Coinbase.

The consortium structure gives the stablecoin a wider payments roster than a single-issuer launch.

Open Standard says Open USD is scheduled for later this year and will be issued through an independent company with a board made up of partner companies.

The payments angle is the main development.

The project links banks, card networks, fintechs and crypto firms in one stablecoin structure, rather than leaving distribution and reserve economics with one issuer.

Businesses Get No-Cost Minting And Redemption

Open USD is designed to be blockchain agnostic and is expected to start on Coinbase's Base blockchain, Solana and Tempo, along with another network listed by Open Standard.

Businesses will be able to mint and redeem Open USD at no cost, while partners receive reserve proceeds after Open Standard management fees.

The company list also includes Adyen, Affirm, Klarna, Chime, Google, Brex, Standard Chartered, Nuvei, Ramp, Marqeta, Shopify and Remitly.

That roster gives the project reach across merchant acquiring, card payments, banking, commerce software, remittances and crypto infrastructure.

Open Standard named Zach Abrams, co-founder and CEO of Bridge, as interim CEO.

Bridge was acquired by Stripe for $1.1 billion, giving the new venture a direct link to Stripe's stablecoin infrastructure strategy.

Shared Economics Challenge Single-Issuer Models

The launch puts pressure on existing issuer economics because the consortium model shares reserve proceeds with partners.

KeyBanc analysts said the partner breadth, aligned incentives and neutral governance could help adoption, while noting that earlier consortium efforts have produced limited results.

Circle shares fell more than 16% after the Open Standard announcement.

The share move shows how investors read the consortium as a challenge to USDC issuer economics, but Open Standard did not disclose whether Open USD has signed volume commitments.

Adoption Proof Has Not Been Disclosed

Open Standard has named a large partner group, an expected launch window and a reserve-proceeds model.

Those disclosures make the project relevant for banks, card networks, fintech platforms and crypto payment infrastructure providers watching stablecoin distribution.

Open Standard has not disclosed first transaction volumes, named merchant deployments, reserve-management terms, customer commitments or an exact Open USD launch date.

Share this article
inXf

Related articles

More
Keep Reading

More Stories

Latest
Aarogya Setu 2.0 Adds Google Gemma For India Health RecordsCapital & PolicyJul 1, 2026Aarogya Setu 2.0 Adds Google Gemma For India Health RecordsIndia launched Aarogya Setu 2.0 on June 29, 2026 as an AI-enabled personal health-record app using Google Gemma and a medical data toolkit, but public materials have not named an independent privacy audit or model-risk assessment.Saudi PIF Profit Doubles As Revenue Reaches $119.7 BillionCapital & PolicyJul 1, 2026Saudi PIF Profit Doubles As Revenue Reaches $119.7 BillionPIF’s 2025 annual results said net profit rose to SAR65.1 billion and revenue reached SAR449.9 billion, giving Saudi Arabia’s sovereign fund more liquidity for Vision 2030 investments without naming project-level allocations.US Energy Chief Tells Data Center Builders To Answer Power CriticsCloud & Data CentersJul 1, 2026US Energy Chief Tells Data Center Builders To Answer Power CriticsUS Energy Secretary Chris Wright used an AWS Summit appearance to tell data center supporters to engage critics over electricity costs and local opposition as AI construction raises power and permitting pressure.AMD Linux Patch Adds Low-Power CPU Core Support For Future ChipsChips & SemiconductorsJul 1, 2026AMD Linux Patch Adds Low-Power CPU Core Support For Future ChipsAMD has submitted Linux kernel patches that add a low-power CPU core classification beside performance and efficiency cores, but the company has not disclosed the first processor, launch date or product line that will use the new core type.AWS Creates $1 Billion FDE Unit For Customer AI DeploymentsAIJul 1, 2026AWS Creates $1 Billion FDE Unit For Customer AI DeploymentsAmazon Web Services is investing $1 billion in a Forward Deployed Engineering unit that will place engineers inside customer projects, but AWS has not disclosed revenue targets or named paid deployment contracts for the new group.Zerodha Seeks SEBI Merchant Banking Licence As Brokerage Pressure BuildsCapital & PolicyJun 30, 2026Zerodha Seeks SEBI Merchant Banking Licence As Brokerage Pressure BuildsZerodha Corporate Advisors filed for a SEBI merchant banking licence on April 27, as tighter derivatives rules and lower account-maintenance fees pressure the broker’s core trading business.H-1B Ruling Leaves Tech Workers Weighing UAE And Canada MovesCapital & PolicyJun 30, 2026H-1B Ruling Leaves Tech Workers Weighing UAE And Canada MovesA June 8 court ruling struck down a $100,000 H-1B fee, but recruiters and workers say policy uncertainty is still pushing U.S. tech talent toward Canada, the U.K. and the UAE.UK Regulator Presses Apple And Google To Open App Payment RoutesFintech & Digital PaymentsJun 30, 2026UK Regulator Presses Apple And Google To Open App Payment RoutesThe UK Competition and Markets Authority has proposed letting app developers direct users to alternative payment options and is also considering NFC access requirements, but final fees and compliance timing remain unsettled.Digital Realty Takes $3.5 Billion Virginia Data Center Stake With 2028 Stabilization AheadCapital & PolicyJun 30, 2026Digital Realty Takes $3.5 Billion Virginia Data Center Stake With 2028 Stabilization AheadDigital Realty is buying stakes in three Northern Virginia data centers from Blackstone for $3.5 billion, adding leased hyperscale capacity while two sites are not expected to stabilize until 2027 and the third until 2028.South Korea Chip Plan Names 800 Trillion Won Without Funding SplitChips & SemiconductorsJun 30, 2026South Korea Chip Plan Names 800 Trillion Won Without Funding SplitSouth Korea announced an 800 trillion won ($520 billion) public-private semiconductor investment plan with Samsung Electronics and SK Hynix. The plan centers on four production facilities and HBM capacity, but it does not specify how much money will come from the state, Samsung or SK Hynix.Khalifa Fund Cybersecurity Program Starts Without Funding Or Cohort DetailsCapital & PolicyJun 30, 2026Khalifa Fund Cybersecurity Program Starts Without Funding Or Cohort DetailsKhalifa Fund and the UAE Cyber Security Council have launched a national program for cybersecurity startups with CyberE71 support. The announcement names mentorship, investor access and partnership support, but gives no funding amount, cohort size or application timetable.Meta Contractor Project Tested Rival Chatbots With Under-18 AccountsAIJun 30, 2026Meta Contractor Project Tested Rival Chatbots With Under-18 AccountsInternal documents and people familiar with the work describe a Meta contractor project that used dummy under-18 accounts to test rival chatbots on suicide, sex, drugs and other high-risk prompts. Meta defended the work as routine safety benchmarking, while rivals said they had not authorized it.