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Open USD Goes Live as Coinbase, Stripe, Visa, Mastercard Open Minting to Businesses
Open USD has gone live, and Coinbase, Stripe, Visa and Mastercard are opening minting to businesses. The consortium offers free 1:1 minting, passes reserve income back to partners, and gives equity in the issuer. It competes where USDT and USDC hold close to 90% of supply.
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What happened
Open USD has gone live, and Coinbase, Stripe, Visa and Mastercard are opening minting to businesses. The consortium offers free 1:1 minting, passes reserve income back to partners, and gives equity in the issuer. It competes where USDT and USDC hold close to 90% of supply.
Confirmed
Global impact / market context
Businesses can create Open USD for free and may earn a share of reserve income and equity, which could pull them away from USDT and USDC. If that happens, those two stablecoins lose supply and the fees and influence that come with it, shifting where investor money sits.
Analyst inference
USDT and USDC together control close to 90% of stablecoin supply, so most crypto trading and payments depend on them. A new issuer backed by Coinbase, Stripe, Visa and Mastercard can compete on cost, but breaking that grip takes time and real usage.
Analyst inference
What to watch
- Watch whether businesses actually start minting Open USD now that free 1:1 minting is live, because real adoption is what turns the consortium's offer into supply that competes with USDT and USDC. Confirmed
- Watch whether USDT and USDC respond with fee cuts or new partner deals, since Open USD's free minting and shared reserve income proposal may pressure them to defend their combined near-90% supply share. Proposed
- Watch whether Coinbase, Stripe, Visa and Mastercard push Open USD into their own payment and wallet products, because that distribution could move business customers away from USDT and USDC faster than pricing alone. Analyst inference
Affected assets
- USDT — Tether
- USDC — USD Coin