Coalition-Backed Open USD Aims to Disrupt USDC on Solana
A coalition of more than 140 institutions—including Circle’s stablecoin distributor, Visa, Mastercard, Stripe, BlackRock, Coinbase, and Ripple—plans to launch Open USD (OUSD), a new dollar-backed stablecoin that will trade on Solana and pass nearly all reserve‑asset yields back to the issuers rather than holders. This design could pressure existing leaders like Circle’s USDC and Tether USDT, boost Solana’s ecosystem, and potentially affect other networks (like Ethereum) as new stablecoin liquidity moves to OUSD. Circle’s stock fell after the announcement as investors weigh the wider impact on the stablecoin landscape.
