OpenUSD joins the stablecoin race, goes live with Coinbase, Mastercard, and Stripe
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Stripe-issued OpenUSD went live across public blockchains on the 30th of September, formally declaring war on the stablecoin duopoly held by Tether's USDT and Circle's USDC. The OUSD token, fully backed 1:1 to the U.S. dollar, went live across Ethereum, Solana, Base, and Tempo (Stripe-incubated network). All the participating partners will share the yield, according to Stripe CEO Patrick Collison, Importantly, most yield is shared directly with partners rather than being internalized by the stablecoin issuer. Stripe is adopting OUSD in a number of core product flows. During its initial public announcement in June, there were over 140 partners backing OUSD. Most notably, the new stablecoin will be supported by Coinbase and three major payment giants: Stripe, Mastercard, and Visa. And Coinbase's support is quite curious. The exchange has an agreement with Circle and gets most of USDC's generated yield from its reserves. Still, OUSD is a direct rival to USDC. However, Circle CEO Jeremy Allaire downplayed OUSD's competitiveness, citing USDC's network effects. For his part, Jorn Lambert, Chief Product Officer at Mastercard, saw this as not a "winner-takes-all" scenario but as an adaptation to an increasingly multi-chain, "multi-money" future. The challenge isn't creating more forms of money. It's helping businesses use them. It's another step toward a more connected and...
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