Visa, Stripe, and 140 partners launch Open USD to take Circle's stablecoin revenue

Visa, Mastercard, Stripe, BlackRock, Coinbase, and 140+ partners launched Open USD (OUSD), a stablecoin designed to capture the reserve income that currently flows to Circle through USDC—which generated $652.5 million in reserve revenue in Q1 2026 alone. The consortium model offers participating companies direct participation in reserve economics rather than relying on a single issuer's distribution terms, threatening Circle's primary revenue engine as the largest payments and fintech platforms now have a credible alternative.

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