Coinbase, Mastercard, Visa and Stripe join forces to launch a $1 billion Open USD stablecoin

Open USD (OUSD) 正式亮相：五大行业巨头联手打造十亿美元级稳定币

新型稳定币项目 Open USD（简称 OUSD）已正式在多个区块链网络上启动，并获得了 Coinbase、万事达卡（Mastercard）、Shopify、Stripe 和 Visa 等行业领导者的强力支持。这五家公司承诺投入超过 10 亿美元的流动性，以支持 OUSD 在以太坊（Ethereum）、Solana、Base 以及 Tempo 网络上的运行，旨在实现数字货币生态系统内的即时整合与广泛接入。

核心合作伙伴与发布详情

OUSD 背后的运营主体为 Open Standard 公司。该公司集结了多家主要金融和技术企业作为创始合作伙伴。其中包括领先的加密货币交易所 Coinbase、全球最大的两家支付处理商 Mastercard 和 Visa、知名电商平台 Shopify，以及主要的支付技术公司 Stripe。在项目启动时，这五家公司在 Open Standard 中持有相等的创始股权。

Open Standard 首席执行官 Zach Abrams 阐述了该项目的核心目标：打造一种能够作为日常实用货币使用的稳定币，而非仅仅作为一种投资工具。“我们希望成为最实用的稳定币，就像美元一样具有实用性，”Abrams 指出，他强调目前许多稳定币更适合用于投资而非日常消费。

OUSD runs in parallel on Ethereum, Solana, Coinbase's Base network and Stripe's Tempo network. Founding partners provide active support by directly holding positions, integrating OUSD into their respective systems, or promoting liquidity. The initial funding pool is established to ensure that OUSD remains stable and available on various platforms from day one.

Equity Models and Network Extensions

Open Standard announced plans to allocate a majority of the company's equity based on each partner's contribution to OUSD growth. When Open Standard announced its stablecoin plan in June, more than 140 companies, including BlackRock, Bank of New York Mellon and Standard Chartered, were listed as potential partners. However, only five founding partners currently have formal investment interests. Abrams expects the founding team to eventually expand to as many as 12 core institutions.

Currently, interest in joining or integrating into the OUSD ecosystem continues to grow, with more than 200 organizations expressing their willingness to participate. Recent notable participants include Japan's SBI Holdings, Switzerland's UBS and technology company Jeeves.

Noun explanation: Open Standard

Open Standard is an entity established by major payment and technology companies under the framework of an alliance to supervise and develop new digital asset standards and products. The first batch of products is OUSD. The focus is on extensive industry collaboration, shared ownership and promoting the popularity of stablecoins based on practicality.

Challenging the market landscape of Tether and Circle

In the rapidly expanding stablecoin space dominated by Tether's USDT and Circle's USDC, OUSD proposes vastly different ownership and incentive mechanisms. Currently, USDT leads the market with approximately US$143 billion in circulation, while USDC follows closely with approximately US$74 billion in supply.

Stable coin types Circulation Supply Ownership Model Key Partners USDT (Tether) US$143 billion Tether Control Tether Limited USDC (Circle) US$74 billion Circle and Strategic Partners Circle, Coinbase OUSD (Open Standard) N/A (New Release) Alliance Equity between Partners Coinbase, Mastercard, Shopify, Stripe, Visa

Traditional stablecoin issuers such as Tether typically collect most of the income from reserve interest;Circle shares some of the proceeds with partners such as Coinbase. In contrast, the Open Standard program rewards founding members and other contributors based on its measurable role in driving the adoption and use of OUSD, rather than just providing priority distribution rights.

Abrams outlines this incentive model: "The vast majority of our equity structure will be given back to founding and non-founding members, depending on how they help expand the network."

OUSD does not charge any fees during the coin minting or redemption process. Dan Romero, chief commercial officer of Tempo, said Tempo is a payment infrastructure network that partnered with the launch, which could reduce operating costs for companies handling large-scale transactions. Romero predicts that the value of OUSD circulating on Tempo's network could reach US$1 billion within a few months, and hints that OUSD supply could exceed US$10 billion by 2027.

Noun explanation: Tempo

Tempo is a payment infrastructure platform developed by Stripe that enables seamless integration of digital currency and supports instant transfers and high-volume corporate transactions.

Impact on stablecoin competitors

The release of OUSD attracted the attention of market analysts and triggered changes in the competitive landscape. In July, financial services company Mizuho downgraded its stock rating on Circle from neutral to underperform and sharply cut its price target from $85 to $50.

瑞穗分析师将此调整归因于来自 OUSD 模式的竞争加剧，这将 Circle 预期的 2027 年分配和交易成本比率从 64% 提高至 73%，并将预期调整后收益从 10.9 亿美元降至 6.99 亿美元。

尽管 Open Standard 的创始合作伙伴与 Circle 之间保持着支持性的关系，但 Abrams 指出，对非美元计价稳定币的需求——尤其是来自欧洲金融机构的需求——也在增加。这预示着稳定币领域未来可能出现多元化的发展趋势。