More than 140 companies, including Visa, Stripe, Coinbase, and BlackRock, have joined forces to back Open USD, a new stablecoin initiative aimed at building shared digital dollar infrastructure.
The coalition was formally introduced through the Open Standard project, which describes Open USD as an effort to create an interoperable, openly governed stablecoin. The breadth of participants spans payments processors, crypto-native platforms, and traditional asset managers. For related coverage, see Hong Kong Warns of Fake Tokens Claiming HSBC Stablecoin Ties.
Bloomberg Law reported that Visa and Stripe are among the firms joining forces on the project, reinforcing the payments industry’s growing engagement with stablecoin rails. Visa has separately been expanding its crypto-adjacent efforts, including a recent partnership with Lightspark on stablecoin payments.
Why the Mix of Backers Changes the Equation
The participation of Visa and Stripe signals that major payments networks see stablecoins as viable settlement infrastructure, not just crypto-native tools. Both companies process trillions in annual card volume, and their involvement lends operational credibility to Open USD’s ambitions. For related coverage, see BitBank Launches Bitcoin-Linked Visa Card in Japan, Report Says.
Coinbase brings crypto-native distribution and exchange liquidity. The company has been actively building stablecoin utility across its ecosystem, including partnering with Spiko for instant stablecoin access in European UCITS funds. Its role in the coalition connects Open USD to an established user base already transacting in digital dollars.
BlackRock’s backing adds a different dimension. As the world’s largest asset manager, its participation signals institutional finance credibility that few crypto-native projects can claim. For institutional allocators still cautious about stablecoin exposure, BlackRock’s name on the roster lowers perceived counterparty risk.
The combination of payments, exchange, and asset management firms distinguishes Open USD from initiatives driven by a single sector. A coalition spanning these verticals suggests the project is oriented toward broad interoperability rather than serving one use case.
What This Means for Stablecoin Competition
A 140-plus-firm coalition backing a single stablecoin project represents an unusual degree of coordinated industry support. Existing stablecoin issuers, including those behind USDT and USDC, now face a competitor with built-in distribution across payments, trading, and institutional channels.
The initiative also arrives as new stablecoin projects continue to emerge globally, from Tether’s planned GELT launch to region-specific digital dollar experiments. Open USD’s differentiator is not novelty but the scale and diversity of its initial backing.
Whether the coalition can translate corporate support into actual on-chain adoption and transaction volume remains the central question. Large partnerships in crypto have historically faced execution gaps between announcement and meaningful usage. For Open USD, the 140-plus backers represent a starting position, not a finish line.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
