TheBlock
Open Standard's OUSD stablecoin has lined up Visa, Stripe, Coinbase and a roster of payment giants, banks, tech firms and crypto companies as launch members, with native issuance planned on the Tempo network from day one. The defining feature is the revenue model: reserve earnings are shared back to members rather than absorbed inside the issuer.
Why it matters
USDC and USDT have dominated the stablecoin market by keeping reserve yield inside the issuer. OUSD's structure turns that model inside out, distributing income to the partners that route, custody and integrate the stablecoin. For Visa and Stripe, joining the table is a signal that payments incumbents see shared-revenue stablecoins as a defensible rail rather than a threat to their card economics.
Market impact
The launch lands at a moment when stablecoin legislation is firming up in the US and bank issuers are pushing into the sector under clearer rules. A payment-network-backed stablecoin with shared economics changes the competitive set: Circle and Tether face a coalition-grade entrant rather than a single rival. Watch Tempo's day-one issuance cadence and the first disclosed reserve-revenue split as the real signal of whether the model holds.
Frequently asked questions
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What is the Open USD (OUSD) stablecoin?
OUSD is Open Standard's stablecoin, with native day-one issuance planned on the Tempo network. Its launch members include Visa, Stripe, Coinbase, banks, tech firms and crypto companies.
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How does OUSD's reserve revenue model work?
Reserve earnings are distributed back to launch members rather than retained inside the issuer, inverting the economics that have defined USDC and USDT to date.
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Why are Visa and Stripe joining a stablecoin consortium?
Joining signals that payments incumbents now see shared-revenue stablecoins as a defensible rail rather than a threat to existing card economics.
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What is Tempo and what role does it play?
Tempo is the network on which OUSD is natively issued from day one, anchoring the stablecoin to a dedicated issuance venue rather than retrofitting it onto an existing chain.
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How does OUSD change the competitive picture for Circle and Tether?
Circle and Tether now face a coalition-grade entrant backed by payment networks, an exchange and major banks, a different kind of rival than a single issuer.
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