TL;DR
- OpenUSD (OUSD) launched on Ethereum, Solana, Base and Tempo, with the backing of more than 200 founding partners.
- The stablecoin operates at a 1:1 peg to the dollar and distributes its yields directly among founding partners, with no retention by a single issuer.
- USDC dominates with 54% of the market in payments and consumer networks, the segment OUSD aims to contest immediately.
OpenUSD formally joined the stablecoin race, when Stripe activated the OUSD token on the public networks Ethereum, Solana, Base and Tempo —a network incubated by the company itself— and established it as the default stablecoin across its products.
The launch was backed by more than 200 founding partners, including Coinbase, Mastercard, Shopify, Stripe and Visa.
You can now hold, send, spend, and build with OUSD on Stripe.
Read the blog: https://t.co/EJle8DhQQZ. https://t.co/JcMmR7G8t9
— Stripe (@stripe) September 30, 2026
OUSD operates with a 1:1 dollar backing and features a differentiated incentive structure: the yield generated by the reserves is distributed directly among network partners, rather than being retained by the issuer. Patrick Collison, CEO of Stripe, confirmed this scheme during the announcement. Companies that join Open Standard as partners can access rewards based on their activity with OpenUSD, at no membership cost and with no minting or burning fees.
OpenUSD Will Contest Payment Networks
In practical terms, businesses can use OUSD to receive, hold, send and spend funds through Treasury; build global card programs with Issuing; and make international payments with Global Payouts. The financial platform Ramp will soon integrate OUSD accounts through Stripe, allowing its users to hold balances, earn rewards and operate global payments around the clock.
Coinbase‘s participation creates tension due to its agreement with Circle, under which it receives the bulk of the yield generated by USDC reserves. Jeremy Allaire, CEO of Circle, downplayed the threat by appealing to USDC’s network effects. It is worth noting, however, that USDC holds 54% of the market in regulated payments and consumer networks, the area where Stripe has the greatest distribution and where OUSD is directly targeting.
No Competition for USDT
Mastercard and Visa adopted a neutral stance, describing the coming scenario as a “multi-money” future in which different forms of value will coexist within the same financial system. Jorn Lambert, Chief Product Officer of Mastercard, ruled out a zero-sum game, while Visa echoed a multi-chain and multi-token approach.
USDT, meanwhile, remains strongly positioned across various emerging markets as a hedge against inflation, a segment that regulated stablecoins have found difficult to penetrate. OpenUSD may contest USDC in the regulated market, but will face a much harder task against the world’s largest stablecoin by market capitalization.
