Coinbase, Stripe and Mastercard Back Open USD in New Stablecoin Push
Open USD has entered the stablecoin market with backing from major payments and crypto companies, creating a new challenge for established dollar tokens such as USDC. The token launched on Ethereum, Solana, Base and Tempo, while businesses can access it through integration paths from Coinbase, Mastercard, Stripe and Visa.
The project arrives with more than 200 network partners and a business model designed to distribute more of the economics generated by stablecoin activity. Open Standard says businesses can mint and redeem OUSD at a 1:1 rate without minting or redemption fees. Partners can also earn rewards tied to their contribution to the network.
Payment rails become the battleground
Stripe has integrated OUSD across its stablecoin products, including Treasury, Issuing, Global Payouts and crypto onramps. That gives businesses the ability to receive, hold, send and spend OUSD, including through stablecoin-linked card programs.
Mastercard has also added OUSD alongside other stablecoins supported through its digital-asset infrastructure. Its platform currently lists USDC, PYUSD, USDG and OUSD, signaling that the payments giant is pursuing a multi-stablecoin model rather than relying on a single dollar token.
USDC faces a new economic model
The competitive pressure for Circle’s USDC is less about immediate replacement and more about distribution and economics. CoinDesk reported in August that Coinbase, Visa and Mastercard planned to support multiple stablecoins, suggesting Open USD could function as another payment rail alongside USDC.
Open USD’s structure gives payment companies and other participants a direct economic incentive to expand its usage. CoinDesk reported that the project plans to distribute most of its equity over time based on how partners help grow the network.
The launch therefore puts stablecoin economics and payment distribution at the center of the next phase of competition. USDC retains established liquidity and integrations, while Open USD is attempting to build adoption by aligning the financial incentives of the companies that distribute and use it.
