Klarna Joins Visa, BlackRock and Stripe to Back Open USD Stablecoin
KLAR•Klarna joins a consortium including Visa, Mastercard, Stripe, BlackRock and Coinbase to back Open USD (OUSD), a new stablecoin aiming to challenge the $300 billion USDC and USDT market. OUSD’s economic model shares nearly all reserve-generated income with partners, offering Klarna a potential new revenue stream.
1. Consortium Launch and Klarna Participation
A coalition of major payment, banking and crypto firms—including Visa, Mastercard, Stripe, BlackRock, Coinbase, BNY, Standard Chartered, BBVA, DBS and fintech players like Adyen, SoFi, Shopify and Klarna—has launched Open USD (OUSD) to establish a new dollar-pegged stablecoin.
2. Economic Structure and Revenue Sharing
OUSD will distribute nearly all income generated by its reserve assets to participant firms, minus a nominal management fee, contrasting with Circle and Tether models that retain the bulk of reserve revenue for issuers.
3. Competitive and Regulatory Implications
Targeting a $300 billion stablecoin market dominated by USDC and USDT, OUSD’s launch coincides with advancing US stablecoin legislation, including an imminent Senate vote on the CLARITY Act and implementation of federal standards under the GENIUS Act.
