🎉 140 crypto and financial companies launch a joint dollar-backed stablecoin

🎉 140 crypto and financial companies launch a joint dollar-backed stablecoin

The project, called Open USD, brings together payment network operators such as Visa, Mastercard and Stripe; the world's largest asset manager, BlackRock; technology company Google; and crypto firms including Coinbase, Bybit, OKX, Ripple and MetaMask. The initiative also announced that the stablecoin will be available for issuance and redemption without fees or transaction volume limits.

💎 Other crypto industry partners include Solana, Crypto.com, Fireblocks, Gemini, Aave, Tempo, eToro, Galaxy, Ledger, Trust Wallet, Morpho, EtherFi, Privy, Bitget Wallet, Stellar, Polygon, Aptos and Plasma.

💎 The initiative will be managed by an independent entity, Open Standard.

💎 Part of the revenue generated from Open USD reserves is expected to be distributed among organizations that use and promote the stablecoin. Funds collected through Open Standard fees are expected to support project development and compliance with U.S. regulations 🇺🇸.

💎 Market note: following the Open USD announcement, shares of Circle, issuer of the second-largest dollar-backed stablecoin by market capitalization (USDC), fell by more than 13% and continue to decline.

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