Visa, Stripe, BNY Join Push to Launch Dollar Stablecoin OpenUSD

Visa, Stripe and Bank of New York Mellon Corp. are among major financial firms pushing to launch a dollar-based stablecoin.

Bloomberg reported on June 30 that more than 100 fintech companies, payment networks, crypto firms and banks are participating in a new stablecoin project called Open Standard.

The group includes Visa, Stripe and BNY, along with BlackRock, Klarna, Chime, Alphabet and Coinbase.

Open Standard plans to issue its own dollar-pegged stablecoin, OpenUSD. Participating companies plan to integrate OpenUSD into their systems after it launches later this year.

Jack Abrams, co-founder of Bridge, the stablecoin infrastructure company owned by Stripe, will serve as Open Standard's interim chief executive officer.

"Existing stablecoins have strengths, but for businesses to use them at scale, the structure needs to be open, low-cost, high-throughput, broadly accessible and aligned with stakeholders," Abrams said.

OpenUSD will be pegged to the U.S. dollar and backed by reserve assets including short-term Treasuries and cash. Stablecoins are used for conversions between fiat currencies and cryptocurrencies, cross-border payments and reducing exposure to volatile currencies.

Bloomberg said interest in the technology has grown in the U.S. after President Donald Trump backed stablecoin regulation.

Many of the participants are already active in stablecoins. Klarna introduced its own stablecoin in November 2025, and Mastercard acquired stablecoin infrastructure startup BVNK earlier this year. Stripe has also been an active adopter of stablecoin technology and was recently valued at $159 billion.

The stablecoin market is currently dominated by Tether's USDT and Circle's USDC, which account for most trading volume. PayPal's PYUSD, launched in 2023, has also entered the market but still holds limited share. Tether, Circle and PayPal are not participating in the Open Standard project, Bloomberg reported.

Income generated from OpenUSD's reserves will be shared among participants after a small management fee is deducted to cover operating costs.

"A stablecoin with neutral governance and a shared economic model could be a unique combination that opens the next phase of digital-asset growth," Carolyn Weinberg, BNY's chief product and innovation officer, said.

"Technologies that changed the world, like the internet and mobile networks, succeeded because they became shared infrastructure that anyone could build on," Jorn Lambert, Mastercard's chief product officer, said. "If stablecoins are to become a new way to move value globally, the infrastructure behind them must also be open, interoperable and broadly accessible."