Open Standard launches OUSD stablecoin on four chains with $1 billion in partner commitments
Open Standard's Open USD went live on Ethereum, Solana, Base and Tempo, backed by Coinbase, Mastercard, Shopify, Stripe and Visa, who committed over $1 billion in liquidity.
Read this event in Indonesia
Why it matters
OUSD routes most reserve yield to distribution partners rather than to the issuer, putting Coinbase, Stripe, Visa, Mastercard and Shopify in direct competition with Tether and Circle over who captures the economics of stablecoin circulation. Whether the over $1 billion in committed liquidity converts into recurring payment, settlement and treasury volume is not established by any of the reports.
Where the sources disagree
OUSD reserve backing
$18 million in reserves
Crypto News (CryptoNews.net)
$468.45 million in backing assets, including $257.2 million cash
CryptoSlate
Crypto News reported $18 million in reserves backing the Solana launch while CryptoSlate reported about $468.45 million of backing assets across the token's launch supply.
Tempo liquidity and circulation figures
More than $400 million in OUSD liquidity on Tempo in the first day
Bitcoin.com News, CryptoSlate
468.4 million tokens outstanding, about $468.45 million of backing
CryptoSlate
Bitcoin.com News reported over $400 million of OUSD liquidity on Tempo on day one, while CryptoSlate separately gave 468.4 million tokens outstanding and about $468.45 million in reserve assets without stating whether those figures are the same pool.
Backers named at the June unveiling
Backed by Coinbase, BlackRock and Ripple among others
CoinGape
Coinbase, Mastercard, Shopify, Stripe and Visa as founding partners and investors
CoinDesk, Unchained, CryptoPotato
CoinGape listed BlackRock and Ripple among the firms backing the earlier unveiling, while the founding partner and investor group named across CoinDesk, Unchained and CryptoPotato is Coinbase, Mastercard, Shopify, Stripe and Visa.
Key facts
Coinbase, Mastercard, Shopify, Stripe and Visa committed more than $1 billion in near-term launch liquidity for OUSD.
1,000,000,000 USDReported by Crypto.News
Each of the five founding partners received an equal initial equity stake in Open Standard.
Reported by CoinDesk
CEO Zach Abrams said the overwhelming majority of Open Standard's equity will be distributed to partners based on how much they grow OUSD supply and transaction activity.
Reported by CoinDesk
Bridge, the stablecoin infrastructure firm Stripe owns, issues OUSD, with reserves held at BlackRock, Lead Bank and BNY and monthly attestations promised.
Reported by CoinGape
468.4 million OUSD tokens were outstanding after launch, backed by about $468.45 million of assets split between $257.2 million in cash and $211.2 million in Treasuries and short-duration money market funds.
468,400,000 OUSDDisputed figureReported by CryptoSlate
More than $400 million in OUSD liquidity was deployed on Tempo on the first day.
400,000,000 USDDisputed figureReported by Bitcoin.com News
Open Standard's partner network grew from more than 140 companies at its June unveiling to over 200 companies, with UBS, SBI Holdings and Jeeves among the additions.
Reported by CoinDesk
What happened
Open Standard put Open USD (OUSD) into circulation on September 30 across Ethereum, Solana, Base and Tempo, the project having been unveiled in June. Bridge, the stablecoin infrastructure firm Stripe owns, issues the token and reserves sit at BlackRock, Lead Bank and BNY, with Bridge publishing reserve attestations monthly. Coinbase, Mastercard, Shopify, Stripe and Visa are the first five founding partners and investors, each taking an equal initial equity stake, and together they committed more than $1 billion in near-term launch liquidity, which CEO Zach Abrams described as companies holding OUSD on balance sheets, keeping tokens on blockchains, or supporting market-making. Open Standard's partner network has gone from more than 140 companies in June to over 200, and each partner earns a share of reserve income tied to how much OUSD it puts into circulation. Businesses mint and burn at 1:1 against the dollar at no cost through Stripe, Mastercard via BVNK, the Visa Stablecoin Platform and Coinbase, with Coinbase access starting October 1, and day-one trading venues are Coinbase, Kraken and Uniswap. Chainlink was named an official OUSD data oracle, Aave Labs proposed OUSD as a borrowable asset with Chainlink feeds and risk parameters still pending, and Pi Network's Core Team announced a partnership with Open Standard hours after the launch. Reserve data put468.4 million tokens outstanding with about $468.45 million of backing, split between $257.2 million cash and $211.2 million in Treasuries and short-duration money market funds, while Crypto News reported $18 million in reserves, a figure no other outlet repeats.
How the story developed
- First report
First report by CoinDesk
Open USD takes on Tether, Circle with a different stablecoin model that's 'building money'
- Update
Open Standard announced OUSD was live on four chains with over $1 billion in partner liquidity
CoinDesk led coverage of the September 30 launch, quoting CEO Zach Abrams on the equity model and the partner network growing past 200 companies.
- Independent corroboration
Independently corroborated by CoinGape
Coinbase-Backed OUSD Stablecoin Goes Live On Ethereum, Solana, Base
- Official statement
Open Standard's official launch post confirms four integration paths and 1:1 minting
The launch post said all paths support mint and burn at a 1:1 USD conversion rate at no cost, with Coinbase, Kraken and Uniswap as first trading venues.
- Official statement
Official statement from Bitcoin.com News
Visa and Mastercard Join $1 Billion Bet on Stripe-Backed OUSD
- Update
Chainlink named official OUSD data oracle as distribution began
Chainlink said Open Standard standardized on its infrastructure for uses including collateral, trading, lending and automated market maker pools, while production feeds and risk parameters remained pending.
- Update
Pi Network Core Team announced a partnership with Open Standard
The announcement came hours after the OUSD launch and could bring OUSD-based rewards to Pi Pioneers; CryptoPotato said the collaboration could eventually add OUSD utility in the broader Pi ecosystem.
- Update
Reserve data showed 468.4 million OUSD outstanding with $468.45 million of backing
The backing was split between $257.2 million in cash and $211.2 million in Treasuries and short-duration money market funds.
- Update
An aggregator report gave $18 million in reserves for the Solana launch
Crypto News reported $18 million in reserves backed by institutions including BlackRock, a figure no other outlet in the set repeats.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 30 Sept 2026, 15:34 UTC: CoinDesk — 1 independent source, 1 reports
- 30 Sept 2026, 16:43 UTC: CoinGape — 2 independent sources, 2 reports
- 30 Sept 2026, 16:48 UTC: Crypto.News — 3 independent sources, 3 reports
- 30 Sept 2026, 16:49 UTC: Unchained — 4 independent sources, 4 reports
- 30 Sept 2026, 17:45 UTC: Bankless — 5 independent sources, 5 reports
- 30 Sept 2026, 19:05 UTC: Bitcoin.com News, official — 6 independent sources, 6 reports
- 1 Oct 2026, 06:39 UTC: CryptoPotato — 7 independent sources, 8 reports
- 1 Oct 2026, 16:00 UTC: CryptoSlate — 8 independent sources, 10 reports
- 2 Oct 2026, 17:49 UTC: Crypto News (CryptoNews.net) — 9 independent sources, 11 reports
Affected entities
Also mentioned: Base, BlackRock, Chainlink, Circle, Tether USDt, United States, USD Coin
Original sources
Related events
Visa reportedly in talks to acquire Fireblocks for $2.5 billion; Fireblocks denies
Axios reported Visa in late-stage talks to buy Fireblocks for $2.5 billion, but Fireblocks called the claim 'not true at present time' and Visa declined to comment.
Mastercard and BVNK Launch Global Money Platform for Stablecoin-Funded Card Payments
Mastercard and BVNK unveiled a platform linking stablecoin balances to traditional card networks across 130+ countries and hundreds of millions of merchants.
Open Standard names Bridge co-founder Zach Abrams full-time CEO
CoinGape reports Open Standard, maker of the OUSD stablecoin, named Bridge co-founder Zach Abrams as full-time CEO, leaving Stripe to run the project full time.
Wirex CEO says stablecoin card users stay for FX savings, not cashback
Wirex CEO Pavel Matveev says currency conversion savings of up to 2%, not cashback, draw stablecoin card users, with average purchases near $95 and about 12 monthly transactions each.
Visa Direct Launches Commercial USDC Prefunding with Inyo Global Across 180 Countries
Visa moved USDC stablecoin prefunding from pilot to commercial production on October 15, 2026, with Inyo Global as the first enabler for cross-border payouts across 180+ countries.
Bank Negara Malaysia and Bank of Thailand join Singapore's BLOOM cross-border stablecoin initiative
Malaysia and Thailand's central banks joined Singapore's BLOOM initiative for cross-border stablecoin and tokenized deposit payments.