[Digital Today reporter Jinju Hong (홍진주)] A new stablecoin, OpenUSD (OUSD), aimed at institutional investors and companies is set to launch on the Ethereum network. The market is paying attention because the project is backed by a consortium involving about 140 companies, including global finance and payment firms such as Visa, Mastercard, Stripe, BlackRock and BNY.

On July 30 (local time), blockchain media outlet U.Today reported that OUSD is a stablecoin designed around institutional demand and is set to launch with support from a consortium of more than 140 companies rather than a single company.

Unlike existing stablecoins issued around a specific company or project, OUSD has adopted a coalition structure in which a global payment network and large financial firms participate together. Participants include Visa, Mastercard and Stripe, as well as BlackRock, the world’s largest asset manager, and U.S. financial institution BNY.

With such a range of finance and payment firms taking part, OUSD is seen as having adopted a strategy to secure credibility and a base of use from the early stage of its launch.

Ethereum was chosen as the launch platform. Ethereum is currently one of the blockchains where on-chain financial services such as stablecoin circulation, digital asset payments and decentralised finance (DeFi) are most active. As a result, OUSD is also expected to target demand for institutional digital asset payments and financial infrastructure.

However, details such as the specific launch schedule, issuance structure, reserve asset composition, redemption method and regulatory compliance system have not yet been disclosed. So far, what has been confirmed is that OUSD was planned as an institution-focused stablecoin and is preparing to launch on Ethereum with the support of a consortium of more than 140 companies.

The market is watching how much institutional money OUSD can attract. Another key point to watch will be whether cooperation among participating companies goes beyond releasing a list of names and leads to expansion of payment and settlement systems or digital asset infrastructure.