New Stablecoin Backed by BlackRock and Visa to Launch on Ethereum

Open USD (OUSD), a new institutional-focused stablecoin backed by a consortium of more than 140 companies, is set to launch on Ethereum from day one.

The announcement was confirmed by Ethereum Institutional, which said Open USD will debut on Ethereum with support from a broad coalition of financial and technology firms, including Visa, Mastercard, Stripe, BlackRock and BNY.

The project is being developed by Open Standard, an independent company designed to govern the stablecoin via a consortium model that does not rely on a single issuer.

Open USD aims to differentiate itself from established stablecoins such as USDT and USDC by distributing the earnings generated from its reserve assets to ecosystem partners instead of concentrating those revenues with the issuer. Businesses will also be able to mint and redeem the stablecoin without fees or artificial volume limits.

According to Open Standard, the consortium includes more than 140 companies spanning payments, banking, fintech, and crypto infrastructure. The list of participants includes Visa, Mastercard, Stripe, BlackRock, BNY, Coinbase, and Western Union.

Choosing Ethereum

The decision to launch on Ethereum is particularly notable because it strengthens the network’s position as the leading blockchain for institutional finance.

Ethereum already hosts the largest stablecoin ecosystem, tokenized U.S. Treasuries and a growing share of real-world assets.

Fundstrat co-founder Tom Lee described the move as validation of Ethereum’s long-term role in global finance.

“Open USD choosing Ethereum is validation that after 11 years one blockchain reigns supreme for the future of finance,” Lee wrote on X.

Analysts have described Open USD as a potential challenger to incumbent issuers, including Ripple’s RLUSD.