Open USD (OUSD) Launches to Challenge Circle's USDC and Tether's USDT
A new stablecoin called Open USD (OUSD) launched on Sept. 30, 2026, with backing from major financial firms like Stripe, Visa, Mastercard, and Coinbase. Within days of its launch, OUSD reached a supply value of $668 million, signaling strong early adoption. The stablecoin is designed to compete directly with Circle's USDC (CRCL) and Tether's USDT by offering distribution partners the ability to earn reserve income from their portion of the supply after a small management fee. Unlike traditional models where issuers retain most revenue from reserves, OUSD distributes this income among its syndicate members. This structure incentivizes broader adoption as each partner benefits directly from increased usage through their networks. Despite backing OUSD, companies like Visa and Mastercard continue to support USDC on their platforms, indicating a strategy of neutrality in the stablecoin market. Circle faces significant disruption risk due to this new model, especially given its heavy reliance on distribution partners for revenue.
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Topics: Circle Internet Group Coinbase Mastercard Open USD OUSD Stripe Tether USDC USDT Visa