Open Standard to Launch Visa- and Mastercard-Backed Dollar Stablecoin
V•Open Standard, led by Bridge co-founder Zach Abrams, plans to launch a dollar stablecoin backed directly by Visa and Mastercard. The initiative marks the first major network endorsement for an independent stablecoin and could expand both card networks’ roles in crypto payments and boost transaction volumes.
1. Launch Announcement
Open Standard has unveiled plans to issue a dollar-pegged stablecoin under its own independent network. The token aims to maintain a 1:1 reserve ratio with the US dollar to provide price stability.
2. Leadership and Structure
The project is led by Zach Abrams, co-founder of stablecoin infrastructure provider Bridge, who will oversee Open Standard as a standalone entity. Governance of the stablecoin will be separated from existing payment processors to ensure independent operation.
3. Network Backing and Market Reaction
Visa and Mastercard have committed to back the new stablecoin, representing the first direct endorsement of an independent dollar token by major card networks. Following the news, Visa shares rose 0.42% and Mastercard shares gained 0.78% in early trading.
