More Than 100 Institutions Back Open USD in Challenge to Stablecoin Establishment

Stablecoins maintain their value through reserves such as U.S. dollars and short-term Treasury securities, with issuers earning most of their profits from interest on those assets. The market has long been dominated by Tether’s USDT and Circle’s USDC. Open Standard plans to give participating companies governance rights and most of the reserve income, while bringing together industry heavyweights including Visa, Stripe and BlackRock in a model that could reshape how the proceeds are distributed.

Open Standard said on June 30, 2026, that more than 140 institutions supported OUSD, which is scheduled to launch later that year and will be deployed natively on Tempo. It will offer fee-free minting and redemption as well as a share of reserve income. Circle shares fell more than 16% that day. CEO Jeremy Allaire said on July 1 that USDC recorded nearly $30 trillion in onchain transactions in the first quarter. On July 3, Samsung Electronics, Upbit parent Dunamu and others denied having formally joined, raising questions about the list’s credibility.