When will Open USD become available?

Open Standard says it will launch Open USD later this year, though a specific date has not been announced.

How does Open USD differ from USDC and Tether?

Open USD proposes joint governance among its 140 backers and promises to share the interest it earns on reserves with partners, plus offer free minting and redemptions. In contrast, Circle (which issues USDC) keeps the majority of its reserve yield ($2.63 billion（約4200億円） in 2025) for itself.

Which stablecoin is currently the largest?

Tether's USDT dominates with $184 billion（約29兆円） in circulation, almost 60% of the total stablecoin market. Circle's USDC ranks second at $73 billion（約12兆円）.

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New Open USD stablecoin backed by 140 firms challenges Circle's USDC

Yahoo Finance AI17h ago5 min read

Key takeaway

A consortium of over 140 organizations announced Open USD, a new dollar-pegged stablecoin backed by major companies including Visa, Mastercard, BlackRock, Alphabet, and Coinbase. The announcement rattled Circle, which issues USDC and relies on $2.63 billion（約4200億円） in annual revenue from interest on its reserve holdings. While the new stablecoin offers competitive terms—including revenue-sharing and free minting—it faces steep odds: Tether dominates with $184 billion（約29兆円） in circulation, and organizing a 140-member consortium to market has proved difficult for other projects.

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3 Key Points

What happened
A consortium of over 140 organizations announced Open USD on June 30, a dollar-pegged stablecoin launching later this year. The backers include Visa, Mastercard, BlackRock, Alphabet, and Coinbase. Open USD will offer joint governance, share interest earned on reserves with partners, and provide free minting and redemptions.
Why it matters
Circle's USDC generates $2.63 billion（約4200億円） of its $2.75 billion（約4400億円） in annual revenue from interest on reserve holdings (mostly U.S. Treasuries), so a competing stablecoin that shares that yield could threaten a major revenue stream. Circle's stock fell 22% in the 48 hours after the announcement, though it has since recovered some losses. However, Open USD still faces the entrenched dominance of Tether ($184 billion（約29兆円） USDT in circulation) and Circle's first-mover advantage.
What to watch
Open USD has not yet launched, and managing buy-in across a consortium of 140 organizations poses a practical challenge. For comparison, Tether launched in 2014 and controls almost 60% of the stablecoin market, while Circle's USDC ranks second at $73 billion（約12兆円）. Growth in the stablecoin sector slowed in 2026 after soaring the prior year.

FAQ

When will Open USD become available?: Open Standard says it will launch Open USD later this year, though a specific date has not been announced.
How does Open USD differ from USDC and Tether?: Open USD proposes joint governance among its 140 backers and promises to share the interest it earns on reserves with partners, plus offer free minting and redemptions. In contrast, Circle (which issues USDC) keeps the majority of its reserve yield ($2.63 billion（約4200億円） in 2025) for itself.
Which stablecoin is currently the largest?: Tether's USDT dominates with $184 billion（約29兆円） in circulation, almost 60% of the total stablecoin market. Circle's USDC ranks second at $73 billion（約12兆円）.

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