Stablecoin Network Open Standard Launches with Visa, Mastercard, Coinbase Backing

Visa, Mastercard, and Coinbase have partnered to launch a new stablecoin network called Open Standard. The project's goal is to create a more user-friendly experience for crypto traders by removing friction points in the process of creating and cashing out dollar-pegged tokens.

The new stablecoin, Open USD, will be backed by assets such as US dollars and short-term US government debt. One key feature of this network is that it plans to let partners create and cash out Open USD for free, with no volume limits.

This move marks a significant development in the world of stablecoins, which are still primarily used behind the scenes for crypto trading rather than at checkout counters.