Open USD takes on Tether, Circle with a different stablecoin model that's 'building money'
Open Standard has launched Open USD (OUSD), a new stablecoin designed for institutional use, banking, and cross-border payments. The company aims to compete with industry leaders Tether and Circle by focusing on an economic model that rewards partners for driving supply and activity.
Why it matters
The entry of a new, institutionally-backed stablecoin could disrupt the current $300 billion market and influence how digital dollars are integrated into traditional banking.
Open USD (OUSD), after being initially unveiled in June, went live on Wednesday on Ethereum ETH $2,681.05 , Solana (SOL), Coinbase’s Base and Stripe-backed Tempo blockchains, Open Standard CEO Zach Abrams told CoinDesk.
Abrams previously co-founded and led stablecoin infrastructure firm Bridge, which Stripe acquired for $1.1 billion in 2024.
"We want to be the most useful stablecoin, the same way the U.S. dollar is useful," Abrams said. "Every other stablecoin is building a fund. We're building money."
Open USD is entering a stablecoin market worth more than $300 billion and still dominated by two players: Tether's USDT, with about $143 billion in circulation, and Circle's USDC, with roughly $74 billion.
As banks, payment firms and fintechs crowd into the sector, competition is increasingly extending beyond simply issuing another digital dollar to distribution, liquidity and the platforms where customers actually use them.
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