Stripe, Visa and over 140 other businesses to launch stablecoin to rival Tether and Circle

A consortium of financial giants are taking aim at the top two stablecoin issuers. On Tuesday, Open Standard, a company that says it’s partnered with Stripe, Visa, BlackRock and over 140 other businesses, announced that it will launch a new stablecoin called Open USD, or OUSD. The two largest stablecoin issuers, Tether and Circle, are notably not part of the new consortium.

OUSD will launch later this year and is structured to return most reserve revenue, or interest earned on the assets backing it, minus a small management fee, to participants. Open Standard did not disclose on which blockchain the stablecoin will operate.

“It’s a stablecoin built for the internet economy, designed by the businesses growing it,” Zach Abrams, interim CEO of Open Standard, said in a........

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