A number of major #Crypto firms and payment networks — including American Express, Visa, Mastercard, Stripe, and Coinbase — signed on to a new stablecoin standard, known as Open USD. (They’re not alone. Several tech and consumer facing companies and apps are also on board, including Google, Samsung, and DoorDash.) The independent team behind Open USD, Open Standard, suggests that businesses will be able to mint and redeem the stablecoin without fees or volume limits, while income from OUSD reserves will be distributed to participating companies (save for a “small management fee”). The coin is expected to launch later on this year. Gizmodo notes that Open Standard largely resembles Meta’s 2019 attempt to forge a “digital currency consortium,” originally known as Libra but later rebranded as Diem. Of course, that project was born in a very different regulatory environment, prior to the GENIUS Act’s clarification of the stablecoin rules of the road.
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