Visa, Stripe, Bank of New York Mellon (BNY Mellon), and more than 100 financial technology companies, payment networks, cryptocurrency firms, and banks are backing a venture called Open Standard.

The group plans to launch a US dollar-backed stablecoin, Open USD, later this year.

Backers also include BlackRock, Klarna, Chime, Alphabet, and Coinbase.

Partners plan to integrate the token into their systems after launch. Bridge, Stripe’s stablecoin infrastructure company, said co-founder Zach Abrams would serve as interim CEO.

Income from the reserves backing Open USD will be shared among partners after a small management fee.

Open USD would enter a market still dominated by incumbents.

USDT held 64% of the stablecoin market and USDC 24.5% in February 2025, for a combined 88.5%.

The launch also comes after the US stablecoin framework was signed into law on July 18, 2025, and after the Treasury on April 8, 2026 proposed rules covering anti-money laundering and sanctions compliance.

🔗 Source: Bloomberg