Major financial and tech companies launch new shared stablecoin called Open USD

More than 140 companies have joined together to create a new digital dollar called Open USD, with a launch planned for later in 2024. The group includes well-known names such as Visa, Mastercard, Google, Stripe, and BlackRock. Unlike existing stablecoins, which are usually controlled by a single company, Open USD will be run by an independent organisation whose board includes representatives from the partner companies. There will be no fees for creating or exchanging the currency, and profits from reserves will be shared among partners rather than kept by one issuer. Stripe has made the strongest public commitment, saying it plans to make Open USD the default stablecoin on its platform. The exact rules around regulation and how reserves will be held have not yet been confirmed.