Open USD (OUSD), the dollar stablecoin of Open Standard, went live on September 30, 2026, three months after it was unveiled. The token runs natively on Base, Ethereum, Solana, and Tempo. Bridge, a Stripe company, issues it, and the reserves are held at BlackRock, Lead Bank, and BNY. Businesses can mint and burn OUSD through four integration paths: Coinbase, Mastercard , Stripe, and Visa . Open Standard says that “all paths support mint and burn functionality at a 1:1 USD conversion rate, at no cost.”
The launch comes less than a week after Open Standard named Coinbase, Mastercard, Shopify, Stripe, and Visa as its founding partners and investors on September 24. In June, the company had said that Open USD “will be live later this year.” Later on launch day, Bridge’s reserve page showed 477,338,358 OUSD in circulation, matched by the same amount of reserves: 55.7% in cash and 44.3% in Treasuries, a category Bridge says includes money market funds holding T-bill ladders of less than three months. On October 2 at 7:10 a.m. UTC, the page showed 668,499,644 OUSD, with 12.0% in cash and 88.0% in Treasuries.
Four ways in, with no mint or burn fee
Each path offers APIs and tools for settlement, payment orchestration, trading, FX, wallets, and cards, according to Open Standard. Open Standard said businesses could start building with BVNK, Stripe, and the Visa Stablecoin Platform on launch day, and with Coinbase starting October 1. BVNK is Mastercard’s route: the card network completed its acquisition of the stablecoin infrastructure company on August 3, 2026.
| Path | Provider | Services listed | Opens |
|---|---|---|---|
| Stripe | Stripe, Bridge, Privy | Virtual accounts, orchestration, buy/sell or swaps, on/off-ramps, wallets, cards, FX | September 30 |
| Mastercard | BVNK | Buy/sell or swaps, sending and receiving funds, settlement, wallets | September 30 |
| Visa | Visa Stablecoin Platform (VSP) | Buy/sell or swaps, on/off-ramps, wallets, settlement | September 30 |
| Coinbase | Coinbase | 1:1 conversions, wallets, orchestration, on/off-ramps, trading, custody, financing | October 1 |
Stripe’s announcement centers on conversion costs. Existing stablecoins “incur highly variable (‘mint’ and ‘burn’) fees to convert in and out of fiat currencies,” which makes them cost-prohibitive for remittance companies and global payroll platforms, it wrote. “Instead, Open Standard charges a small, predictable transaction fee.” Neither announcement gives the level of that fee.
Stripe opens OUSD across its stablecoin stack
Stripe made OUSD available to businesses on its platform the same day, “in addition to the existing stablecoin options.” In June, Will Gaybrick, Stripe’s president of technology and business, had said Open USD “will be the default stablecoin for businesses running on Stripe,” and American Banker still described it that way on October 1. Developers can build with Bridge orchestration, Privy embedded wallets, and stablecoin cards issued through Stripe Issuing. Businesses can hold OUSD in Stripe Treasury, spend the balance with stablecoin cards, and send OUSD to crypto wallets in more than 100 countries. Treasury accounts can be funded in OUSD from any of the four blockchains, or in fiat through ACH, SEPA, and wire transfers.
Ramp, an Open Standard partner, uses Stripe to power its stablecoin accounts, which “will let Ramp customers hold OUSD balances, earn rewards, and send money anywhere in the world, 24/7,” according to Stripe. “OUSD offers businesses better economics than any other stablecoin,” said Henri Stern, co-founder of Privy, whose embedded wallets are among the Stripe APIs open to OUSD.
Liquidity starts on Coinbase, Kraken, and Uniswap
Open Standard said OUSD would trade first on Coinbase, Kraken, and Uniswap, “with more to be added over time.” The five founding partners, each holding an equal initial equity stake, have committed more than $1 billion to establish OUSD liquidity over the coming months, CoinDesk reported. “Each of these folks [is] going to lean in and hold OUSD on their balance sheet, or hold OUSD onchain, or help market-make,” Zach Abrams, Open Standard’s CEO, told CoinDesk. The size of each investment was not disclosed.
Tempo, the Stripe-backed blockchain, wants to host the deepest pool. Dan Romero, its chief business officer, told CoinDesk he sees a path to about $1 billion of OUSD on Tempo within the next few months and more than $10 billion during 2027. “For a new stablecoin, liquidity on day one determines what businesses can actually do with it,” he told American Banker.
Partners are paid on supply and activity
Open Standard says its network now includes over 200 financial institutions, fintechs, banks, and global businesses. Partners earn rewards proportional to the supply and activity they drive on their platforms, and can earn equity in the company. Abrams told CoinDesk that founding partners get no special share of revenue and that much of the equity is intended to be distributed over the next four to five years. “Every other stablecoin is building a fund. We’re building money,” he said. OUSD enters a market worth more than $300 billion, where Tether’s USDT has about $143 billion in circulation and Circle’s USDC roughly $74 billion, according to CoinDesk.
Bridge will publish reserve attestations monthly, and its reserve page listed none on October 2. On October 1, Crypto Briefing reported that Coinbase now lets users send and receive OUSD on Base, Ethereum, Solana, and Tempo.