140-Strong Coalition Launches Open USD Stablecoin Challenge

A new US dollar-pegged stablecoin called Open USD (OUSD) is launching later this year, backed by over 140 companies including Visa, Mastercard, and several major crypto exchanges. The project aims to challenge Tether's USDT and Circle's USDC, currently the two largest stablecoins by market capitalization.

The OUSD stablecoin will allow businesses to mint the coin at no cost and with no artificial limits on volume, while keeping earnings from the coin's reserves. This is seen as a major incentive for companies to adopt the new stablecoin.

According to DefiLlama, the current size of the stablecoin market is over $312 billion and projected to reach up to $4 trillion by 2030. The launch comes under US law favorable to the industry, with the GENIUS Act providing a regulatory framework for payment stablecoins.