A broad alliance of more than 140 companies from the payments, technology, and banking sectors has formed a new venture to issue a dollar-pegged stablecoin aimed at expanding the practical use of digital tokens in everyday business activities.
The consortium, operating under the name Open Standard, publicly launched on June 30, 2026. It will issue Open USD, a stablecoin designed to maintain a consistent value tied to the U.S. dollar while addressing key barriers that have slowed wider commercial adoption of similar digital assets.
Participants include Visa (NYSE: V), Mastercard (NYSE:MA) and Coinbase (NASDAQ:COIN) along with BNY.
The group’s structure emphasizes collaborative economics, with earnings from the reserves backing the token shared among members after operational costs are covered.
Businesses will be able to mint and redeem the stablecoin without fees or limits on volume, creating an open, high-capacity system intended for scalable global use.
This approach differs from many existing stablecoins, which have primarily supported trading within cryptocurrency markets rather than mainstream payments or settlements.
The new offering focuses on neutral governance and shared benefits to better align with the needs of large organizations seeking efficient digital tools.
Zach Abrams, founding chief executive of Open Standard, explained that while current stablecoins have notable advantages, scaling their application for business purposes requires a system that is transparent, economical, high-volume capable, widely accessible, and structured to serve participants’ interests.
Carolyn Weinberg, chief product and innovation officer at BNY, highlighted the combination of impartial oversight and equitable economics as a distinctive feature likely to drive the next stage of growth in digital assets.
The timing coincides with clearer US regulatory support. In 2025, President Donald Trump signed the GENIUS Act into law, establishing the country’s first federal framework for stablecoins.
The legislation sets guidelines intended to facilitate their use in routine transactions and cross-border transfers while promoting stability and trust.
Stablecoins are digital tokens engineered to hold steady value, typically backed by reserves of traditional currencies.
Despite their potential for faster and lower-cost payments, adoption beyond crypto trading has remained limited due to concerns over costs, scalability, and governance models.
By removing minting and redemption fees and distributing reserve yields among partners, Open Standard seeks to lower entry barriers and create stronger incentives for broad participation.
The stablecoin is expected to become available later in 2026.Earlier collaborative efforts, such as the 2024 Global Dollar Network involving fintech and crypto firms, pursued similar goals of advancing dollar-backed digital currencies.
The current initiative stands out for its scale and the direct involvement of major established financial players.
Industry observers anticipate that projects with this level of institutional backing could help move stablecoins into wider commercial roles, supporting quicker settlements and more transparent international transactions.
The shared economic model may also build greater confidence among businesses cautious about centralized control in digital finance initiatives.
As regulatory clarity improves and infrastructure matures, initiatives like Open Standard could play a meaningful role in bridging traditional finance with blockchain-based systems.
The venture’s emphasis on accessibility and aligned incentives positions it as a key development in the ongoing evolution of digital payments. With its launch scheduled for later this year, the project will be closely monitored for how effectively it delivers on the objective of achieving greater cost efficiency and scalability in real-world applications.