A collaboration of companies, spearheaded by Visa, Mastercard, and Coinbase, has launched a new stablecoin initiative, according to reports. More than 140 businesses are part of this stablecoin ecosystem known as Open Standard. The consortium intends to introduce a stablecoin linked to the US dollar, named Open USD, which is expected to be released later this year.
Introducing Open USD: a stablecoin built for the internet economy, designed by the businesses growing it.
— Open Standard (@openstandard) June 30, 2026
This initiative aims to boost the global adoption of stablecoins. These currencies are designed to maintain a stable value, as they are pegged to the US dollar. Yet, studies show that stablecoins are mostly utilized for trading cryptocurrencies rather than purchasing goods and services.
“Current stablecoins have advantages, but to achieve widespread acceptance, businesses require a solution that is open, low-cost, highly efficient, widely accessible, and aligned with their needs,” stated Zach Abrams, the CEO of Open Standard.
This announcement comes on the heels of PayPal’s introduction of its own stablecoin, PayPal USD, which has remained relatively stable, staying close to the $1 mark since its debut in 2023.
Recently, President Trump enacted the GENIUS Act, establishing a regulatory framework for stablecoins. This legislation requires issuers to maintain 1:1 reserves for any stablecoin transactions. It also includes anti-money laundering provisions and consumer protection measures in case of an issuer’s bankruptcy.
The current administration has shown strong support for the cryptocurrency sector. Former PayPal executive David Sacks was appointed as the “White House A.I. & Crypto Czar” in 2024, but his long-term retention of the position raised ethical questions, especially since he continued his role at his venture capital firm simultaneously. He ultimately stepped down in March 2026 and joined Trump’s Council of Advisors on Science and Technology.
While stablecoins are generally regarded as secure, the broader cryptocurrency market remains tumultuous. Although regulations are in place, the environment is still quite volatile. For instance, Bitcoin has seen a nearly 50% decline in value over the past year.
While many average investors are facing significant losses in the crypto market, President Trump has reportedly generated over $1.4 billion through cryptocurrency ventures during his first year back in office, largely by distributing cryptocurrencies to his supporters. Reports suggest that the president “now derives most of his income from digital assets that have benefited from his policies.” It certainly seems advantageous to be in his position.
