New York: Open USD, a stablecoin issued by Open Standard, a consortium backed by Visa, Mastercard, Coinbase and more than 140 businesses, will be issued later this year.
The venture aims to broaden stablecoin use by providing businesses with an open, low-cost, high-throughput network.
The Wall Street Journal reported that BlackRock, Google, Coinbase, Visa, Stripe and Mastercard are among the backers of Open USD.
Open Standard founding Chief Executive Officer Zach Abrams said businesses need a stablecoin that is open, low-cost, broadly accessible and aligned with their interests.
The network will allow businesses to mint and redeem Open USD without fees or volume limits.
Earnings from reserves backing Open USD will be shared among initiative partners after a management fee for operating costs.
BNY Chief Product and Innovation Officer Carolyn Weinberg said neutral governance and shared economics could support the next phase of digital-asset growth.
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The White House said the GENIUS Act established the first U.S. federal regulatory framework for stablecoins, including reserve and disclosure requirements.
Stablecoins are digital tokens designed to maintain a fixed value, usually by being backed by traditional currencies such as the U.S. dollar or euro.
