Visa, Mastercard and Coinbase launch a new global stablecoin
Payment giants Visa and Mastercard, along with crypto exchange Coinbase, have launched a stablecoin called Open USD, pegged to the US dollar. The initiative aims to boost global stablecoin adoption.
A consortium of over 140 businesses, led by Visa, Mastercard and Coinbase, has launched a joint stablecoin project called Open Standard. The group plans to release a US dollar-pegged stablecoin named Open USD later this year, as reported by Reuters.
Open Standard CEO Zach Abrams stated that existing stablecoins have strengths, but for widespread business use, they need to be open, low-cost, high-throughput and broadly accessible. This effort is a direct attempt to accelerate global usage of stablecoins, which have so far been mainly used for trading crypto assets rather than everyday purchases.
PayPal introduced its own stablecoin, PayPal USD, back in 2023, which has remained stable around the $1 mark. The regulatory landscape is also evolving: President Trump signed the GENIUS Act, which requires stablecoin issuers to maintain 1:1 reserves and includes anti-money laundering rules and consumer protections.
Former PayPal executive David Sacks, appointed as 'White House A.I. & Crypto Czar' in 2024, resigned in March 2026 amid ethics concerns over his continued role at a venture capital firm. He has since joined Trump's Council of Advisors on Science and Technology.
Despite the relative safety of stablecoins, the broader crypto market remains volatile. Bitcoin has dropped nearly 50% over the past year. Meanwhile, President Trump has reportedly earned over $1.4 billion from cryptocurrencies in his first year back in office, primarily through issuing digital assets to his supporters, and now derives most of his income from these assets.
