Coinbase Joins Visa, Mastercard and BlackRock to Launch OUSD Stablecoin
COIN•Coinbase shares dropped 3.6% after the crypto exchange joined Visa, Mastercard and BlackRock to launch Open USD (OUSD), a new dollar-backed stablecoin targeting the combined $150 billion USDT and USDC market. The initiative expands Coinbase’s on-chain payments role and could boost trading and custody revenue.
1. Partnership Launches Open USD (OUSD)
Visa, Mastercard, Coinbase and asset manager BlackRock announced a collaborative venture to issue Open USD (OUSD), a fully collateralized dollar stablecoin. Backed by on-chain reserve audits, OUSD aims to offer real-time settlement and programmable payments, leveraging each partner’s network to enhance digital payment efficiency.
2. Market Reaction and Stock Impact
Following the announcement, Coinbase shares fell 3.6% as investors weighed the competitive landscape shift. Market participants noted that Coinbase’s deeper integration with payment giants could accelerate trading volumes but also intensify regulatory scrutiny and operational complexity.
3. Competitive Implications for Stablecoins
OUSD enters a market dominated by Tether’s USDT and Circle’s USDC, which together exceed $150 billion in circulation. The new stablecoin could pressure existing issuers by offering lower fees and broader institutional support, potentially reshaping stablecoin market dynamics and custody service demand.
