(NYSE: V), Stripe Inc., and Mastercard Inc. (NYSE: MA)—has officially launched a new U.S. dollar-pegged stablecoin, marking one of the most significant moves by traditional financial institutions into the digital currency space.

The token, named Open USD (OUSD) and developed under the Open Standard initiative, is now available to enterprise developers and companies building next-generation financial services for banking, settlements, and cross-border transactions. The initial rollout is supported by Visa, Stripe, Coinbase Global Inc., and BVNK (owned by Mastercard), with Shopify Inc. joining the group by committing to issue approximately $1 billion in tokens to ensure immediate liquidity.

Issued directly by Stripe subsidiary Bridge, OUSD is backed by dollar reserves managed by BlackRock, Lead Bank, and BNY, with monthly public reports on reserve volumes. The token will operate natively across several major blockchain networks—including Ethereum, Solana, Base, and Tempo—with initial trading support planned on platforms such as Uniswap, Kraken, and Coinbase.

The launch highlights the increasing integration of stablecoin technology by established payment networks, which aim to bypass the limitations of traditional clearing systems through cheaper, faster, and programmable settlement mechanisms. Industry momentum is building amidst a favorable regulatory climate in the U.S., where federal policymakers are actively developing frameworks to promote dollar-backed digital assets internationally. Despite strong institutional backing, Open Standard is entering a highly concentrated market currently dominated by Tether’s USDT and Circle’s USDC, which control the vast majority of global stablecoin liquidity. Previous attempts by major payment providers to capture significant market share met with limited initial demand—a precedent OUSD aims to overcome through a partner rewards program that distributes the platform’s economic benefits and equity stakes among participating institutions.