Google, Visa, BlackRock, Samsung, Standard Chartered, and other technology and financial giants have agreed to use a token intended for the "internet economy," which is set to launch this year:
More than 140 companies from the financial, technology, and cryptocurrency sectors have announced the launch of the Open USD stablecoin. Participants include Visa, Mastercard, Stripe, BlackRock, Google, Coinbase, Bybit, OKX, Ripple, MetaMask, and others:
Most of the income generated from the reserves of Open USD (OUSD) will be distributed among the companies that use and promote the stablecoin. The fee for Open Standard will be directed to support the project and ensure compliance with regulatory bodies:
The developers promise free issuance and burning of the stablecoin without volume restrictions. The project will be managed by an independent company, Open Standard, whose board of directors will consist of representatives from the participating companies:
Among the cryptocurrency partners of the project are Coinbase, Tempo, Bybit, Solana, OKX, Ripple, Cryptocom, Fireblocks, Gemini, MetaMask, Aave, eToro, Galaxy, Ledger, Trust Wallet, Morpho, EtherFi, Privy, Bitget Wallet, Stellar, Polygon, Aptos, Plasma, and others:
As of June 30, the total market capitalization of stablecoins was $314 billion. More than 90% of this market capitalization consists of dollar-pegged tokens, with the largest being Tether's USDT ($184 billion) and Circle's USDC ($73 billion):
Following the news of the new stablecoin, Circle's (CRCL) stock price plummeted. According to TradingView, it has decreased by 9% since the market opened in the US as of 17:40 Moscow time:
The company was not included in the list of project partners, despite always positioning itself as a key issuer of stablecoins for American businesses and a major player in this market:
Ripple, Stripe, Solana, Mastercard, Coinbase, Ledger, MoneyGram, and other companies have already officially announced their support for the OUSD project:
A month ago, 37 European banks joined forces in the Qivalis project to issue a euro-based stablecoin. The EU is increasingly concerned about the dominance of dollar-pegged tokens, which is seen as a threat to the financial sovereignty of the bloc:
