Visa, Mastercard, Coinbase and BlackRock appear behind Open USD, a new regulated-stablecoin alternative positioned to challenge USDT and USDC

Open USD (OUSD), a new dollar-backed digital token, has launched with a reported roster of more than 140 partners that includes Visa, Mastercard, Coinbase, Stripe, and BlackRock, according to a report published by CCN on July 1. The announcement frames OUSD as a meaningful alternative to established U.S.-dollar stablecoins, particularly Tether’s USDT and Circle’s USDC.

The CCN report says OUSD’s model is designed to change who benefits from the reserves that back a stablecoin. In the standard industry setup, token issuers generally control the reserve assets and keep the revenue generated by them. The report describes OUSD’s approach as a revenue-sharing structure tied to participating businesses, rather than the issuer keeping the economics of the backing reserves.

The report also characterizes OUSD as a potential competitive threat to USDT and USDC on that basis, arguing that the shift in reserve-revenue distribution could alter incentives for payments platforms, fintechs, and investors. In this framing, the more partners that can directly participate in the economics, the easier it may be for adoption to spread across payment and commerce rails.

Visa’s presence is notable because it indicates that at least one major payments network is engaging with stablecoin ecosystems beyond internal experimentation. However, the CCN post, as provided here, does not specify what role Visa plays in OUSD, such as whether it is being used for specific transaction flows, custody, distribution, or commercial integrations.

Coinbase and BlackRock also feature prominently in the reported partner list, which would matter because those firms connect token infrastructure and traditional asset management. Even so, the details provided in the CCN report summary are not enough to determine whether Coinbase is supporting trading or issuance services and whether BlackRock’s involvement reflects product distribution, market-making arrangements, or a broader strategic partnership.

In sector terms, stablecoins have become a key bridge between crypto markets and everyday finance, because they aim to hold a stable value relative to the U.S. dollar while leveraging blockchain settlement. The most closely watched questions for stablecoins typically include reserve composition, custody arrangements, transparency, and how issuer economics affect adoption and trust.

The report’s central claim is therefore less about the technology of another dollar token and more about the business model behind it, particularly the reported movement away from an “issuer-keeps-the-reserves” approach. If that claim is accurate and widely adopted by ecosystem participants, it could potentially influence how payments companies, platforms, and institutional investors evaluate stablecoins for usage in payments, custody, and other dollar-linked applications.

Still, what is not clear from the available material is equally important. The CCN summary does not provide the specific legal structure for OUSD, the exact reserve policy and disclosure cadence, the terms of any revenue-sharing arrangement, or the operational details behind how partners are enrolled and what they receive. Those specifics would be decisive for regulators, counterparties, and anyone assessing whether OUSD is meaningfully different in practice from existing dollar tokens.