OpenUSD, the new stablecoin issued by Stripe, launched on September 30th across Ethereum, Solana, Base, and Tempo, backed by Coinbase, Mastercard, and Visa. This token, fully backed 1:1 to the U.S. dollar, aims to break the duopoly held by Tether (USDT) and Circle (USDC) in the stablecoin sector. USDC currently dominates regulated payment rails with a 54 percent market share, making it the immediate target for OUSD. Circle CEO Jeremy Allaire downplayed OUSD’s competitive threat, citing USDC’s network effects, while Mastercard and Visa have adopted a neutral multi-coin, multi-chain approach to navigate this emerging multi-money landscape.
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