Stablecoin Shake-Up: Over 140 Institutions Launch Open USD on Solana

A new stablecoin backed by over 140 financial institutions and companies is set to launch on June 30, directly competing with Circle's USDC and Tether's USDT.

The new stablecoin, called Open USD (OUSD), will be launched on the Solana blockchain, which could benefit from a surge in capital as OUSD starts trading.

OUSD's design allows banks and payment companies to keep most of the reserve interest generated by the token, making them less reliant on USDC and other stablecoins that don't offer this feature.

This change could have significant financial implications for several coins, including Hyperliquid, whose growth was previously tied to Circle's USDC, and Ethereum, which was passed over as a launch platform for OUSD.