Open Standard debuts OUSD stablecoin with revenue split among 140+ backers
DeFi & Yields ·
A newly formed group called Open Standard has introduced a stablecoin, Open USD (OUSD), whose backing roster spans more than 140 companies, among them Visa, Stripe, Mastercard, BlackRock, Google and Coinbase.
The distinguishing feature of OUSD is not the coin itself but its economics: rather than the issuer retaining the yield generated by reserves, that revenue is shared out among the partners who help drive the stablecoin's adoption. This structure sets it apart from the prevailing model in the sector, where issuers typically keep reserve income for themselves.
That design is being read as a direct challenge to Circle's USDC business, which relies on the issuer capturing reserve yield rather than distributing it to distribution partners. Multiple accounts of the launch frame OUSD's revenue-sharing approach as competing head-on with Circle's economics, and reporting from Decrypt notes that Circle's stock declined following the announcement, alongside commentary shared on X about the launch.
Accounts of the partner count vary somewhat across coverage, with some describing the backing group as 140+ firms and others citing 100+ major backers, though the same core set of names — Visa, Stripe, Mastercard, BlackRock, and Coinbase — recurs throughout. The cluster of reporting on this launch spans seven distinct sources, each converging on the same central claim: a revenue-sharing stablecoin has arrived with backing from major payments, technology, and asset-management firms, positioned to pressure USDC's standing in the market.
What remains unclear from current reporting is how the revenue-sharing mechanism will be structured in practice — including how yield gets calculated, allocated, and distributed among the more than 140 partners — as well as details on OUSD's reserve composition, redemption terms, and the timeline for broader availability. How Circle responds, and whether the stock movement noted by Decrypt reflects a lasting market reaction or a short-term reaction to the news, are also open questions heading into the coin's wider rollout.