More than 140 companies including Stripe, Visa, Mastercard, Coinbase and BlackRock are joining forces to introduce a new stablecoin, OpenUSD, The Information reported on Monday.
The move is drawing attention as it throws down a challenge to a stablecoin market dominated by Circle and Tether.
Circle shares fell 14 percent on Tuesday immediately after the announcement, the report said.
The new stablecoin project, OpenStandard, is led by Jack Abrams (잭 에이브럼스), CEO of Bridge, a stablecoin company under Stripe. He also serves as founding CEO of OpenStandard.
OpenUSD will share all income generated from reserves with stablecoin distribution partners, deducting only fees needed for operating costs. That differs from the approach used by Circle and Tether.
Tether does not share income with users. Circle passes part of its income to partners such as Coinbase, and partners return part of that to users.
Google, BNY, Shopify and several overseas banks have also joined the use of OpenUSD. The stablecoin is expected to launch this year on blockchains including Coinbase Base, Ethereum, Solana and Tempo.
Chi-gyu Hwang
delight@d-today.co.kr