Stripe-Backed Open USD Stablecoin Gains Momentum

Open USD has gained support from over 140 major firms for business payments and on-chain finance. The partner-governed stablecoin is being developed by Open Standard, with backing from companies such as BlackRock, Coinbase, Mastercard, Stripe, Visa, Ripple, Aave, Crypto.com, Ledger, Polygon, Aptos Labs, Solana, Plasma, and Stellar.

The OUSD stablecoin would operate under Open Standard's governance, sharing revenue with its member partners. According to Stellar, Open USD is designed for businesses that need open, low-cost, high-throughput rails, and is backed by Visa and Mastercard.

Mastercard said it is supporting Open Standard and Open USD to help build more open infrastructure for digital money, while Stripe plans to make Open USD the default stablecoin for businesses using stablecoins on its platform. The feature will be available soon.