Visa整合新稳定币OUSD，获167家公司支持

"Visa, going forward, will remain multi-coin, multi-chain. Our role is not to pick winners." Those are the words of Visa CEO Ryan McInerney, who insisted in a recent earnings call that Visa doesn't have favorites when it comes to stablecoins. [music] And yet, Visa just announced it will be integrating stablecoins natively [music] on its own platform. The thing is, Visa hasn't chosen Tether's USDT or Circle's USDC. It's a new [music] stablecoin called OUSD.

So, today, we're digging into what OUSD actually is, the companies backing it, how it separates itself from the giants, and how this could [music] change the entire crypto market as we know it. My name is DC, and you're watching [music] The Coin Bureau. Yes, a brand new stablecoin is launching on Ethereum. It's called Open USD, uses the OUSD ticker for short, and could disrupt the entire stablecoin market as you know it.

And I know what you're thinking, DC, there already a trillion of different stablecoins out there. What the heck makes this one any different? Well, what if I told you that Open USD's backed by 167 companies at the time of shooting, possibly even more by the time you're watching this video. And these aren't just ordinary companies. These are some of the biggest companies on the planet. Some of the big names backing OUSD include BlackRock, Standard Chartered, Visa, Mastercard, Stripe, American Express, Google, Klarna, Intercontinental Exchange, Samsung, Shopify, DoorDash, the list goes on and on and on.

Not only that, but Open USD's also backed by some of the biggest names in crypto, like Coinbase, Solana, Base, Sui, Ripple, OKX, MetaMask, and Trust Wallet. Obviously, there are a lot more names than the ones I just mentioned, but nobody wants to watch me reel off every single company. We'll come back to why so many companies are throwing their weight behind the new stablecoin on the market a little later. But, if this were a party, and Open Standard were the host, the guest list would be one of the most impressive ever.

The room would be filled with the most extravagant names in crypto, finance, and tech. The sort of party where champagne is served by the bottle and everyone wipes away tears of laughter with $100 bills.

[laughter]

But do you know who wasn't invited to that hypothetical party? Tether and Circle. The two companies that arguably built the stablecoin market into what it is today. And this is why the launch of OUSD is such a big deal because it could very well be the first genuine threat to the massive market dominance that USDT and USDC have enjoyed for so long. So then, what exactly is OpenUSD? Well, on the surface, OUSD looks just about like every other dollar-backed stablecoin there is.

It's pegged to the dollar and is backed one-to-one by cash and short-term dollar assets held in a reserve. The differences lie in OUSD's tokenomics. For context, OpenUSD was created by Open Standard, which is actually a consortium of the 160-plus companies I mentioned earlier. The stablecoin was announced on Open Standard's website on the 30th of June this year with about 149 companies backing it at the time. That list has since grown and we'll leave a link to the partners page if you're interested.

The Open Standard consortium is led by founder and CEO Zach Abrams. And if that name sounds familiar, it's because Zach also co-founded Bridge, a company that builds infrastructure for businesses to use stablecoins for payments, treasury management, and cross-border transfers. Stripe acquired Bridge in 2024 for around $1.1 billion, making it one of the largest crypto infrastructure acquisitions in history. And as I record this, OUSD has yet to launch.

Open Standard's website simply says, quote, "OpenUSD will launch later this year." Very specific. That said, the stablecoin will reportedly launch natively on Solana and Base with later rollouts planned for Polygon, Stellar, Aptos, and and Tempo infrastructure. Integrations are also planned with on-chain lending protocol Aave and institutional custody networks like Fireblocks, giving OUSD immediate ecosystem utility the moment these rollouts go live.

In any case, what makes OpenUSD stand out is that it's purpose-built to support the internet economy. What does that mean? Well, when large businesses integrate other stablecoins like USDC or USDT, they face enormous fees to mint and redeem them in large quantities. Not just that, the issuer also earns revenue from the reserve asset which almost never reaches the companies using a stablecoin. And developers are also dependent on issuers.

If they don't build the features or improvements developers need, there's really not much the developers can do. So, OpenUSD takes this concept and flips it on its head. Unlike other stablecoins, OUSD isn't owned or issued by a single company that can capture its profits. Yes, it's operated by Open Standard, but remember, that's a consortium of more than 160 companies. In other words, OUSD is the first major stablecoin governed by businesses rather than a single issuer.

Any one of these companies backing OpenUSD can mint and redeem OUSD at zero cost. This gives businesses a stablecoin they can comfortably adopt, potentially saving large companies millions, if not billions of dollars. And it doesn't stop there. OpenUSD is designed to share profits between the companies backing it. This is in stark contrast to issuers like Tether and Circle which generate billions in revenue from the reserves backing their stablecoins.

With OUSD, that revenue gets distributed to all partners involved in the consortium. Open Standard only takes a small percentage to cover operational costs, but most of its profits go to the companies backing it. Now, this revenue model is OpenUSD's ultimate weapon and it's precisely what makes OUSD such a strong competitor to Tether's USDT and Circle's USDC. To understand why, we need to dig into how the revenue models of our favorite two stablecoins work.

So, let's start with Circle. In Q4 2025 alone, the company generated a mind-blowing $770 million with a whopping $733 million coming from interest on T-bills backing USDC. That's 95%. Circle generated $2.75 billion in revenue for the full year, although it reported an overall loss of $70 million due to rising operational costs, especially in Q4, when they soared by, coincidentally, 95%. On top of this, Circle also generates revenue beyond its T-bill holdings and charges tiered redemption fees that rise for large institutional withdrawals, along with service fees for things like gas sponsorship and enterprise accounts, although minting is usually free.

Still, these fees add to Circle's revenue, though they're relatively minor by comparison, of course. Even so, generating billions in annual revenue simply by holding US Treasury bills, arguably the safest investment vehicle available, is a dream come true for any company. And as impressive as this is, it's nothing compared to Tether, which reported more than $10 billion in net profit for 2025. Roughly 80 to 90% came from interest on the T-bills backing USDT.

And as a fun fact, Tether now holds more US government debt than Germany or South Korea. And of course, Tether also charges various fees, specifically issuance, redemption, and transaction fees. These add to its revenue, although again, they're by no means the main driver. Now, whatever the case, this is in stark contrast to OpenUSD, which plans to distribute its revenue rather than keep it. And you guessed it, this is exactly what makes OUSD so appealing to companies.

After all, USDT and USDC generate billions and billions of dollars in annual revenue. So, for a hypothetical comparison, let's say OUSD generates just $1 billion in its first year. Now, assuming that's split evenly among all 167 partners, each one would theoretically earn just under $6 million. And the fees saved on minting and redemption, plus the income they could earn by integrating OUSD into their business