More Than 140 Global Companies, Including Visa, Google, & Coinbase, Have Backed Open USD Stablecoin: India is Still Taking a Cautious Path as the RBI Continues to Support the Digital Rupee Over Private Stablecoins
More than 140 companies have joined hands to support Open USD Stablecoin, a new US dollar-backed digital currency expected to launch later this year. The project has attracted some of the biggest names in finance, technology, and crypto, including Visa, Google, Coinbase, Mastercard, Stripe, BlackRock, Ripple, and Solana.
The new stablecoin will follow a different model from most existing projects. Instead of one company managing everything, an independent organization called Open Standard will run the network. Companies that support the project will also help make important decisions, giving them a larger role in the stablecoin’s growth.
How Open USD Stablecoin Plans to Work
Open USD Stablecoin also promises lower costs for businesses. Companies will be able to create and redeem the stablecoin without paying extra fees. They will also receive a share of the income earned from the assets that support the stablecoin. Most stablecoin issuers keep this income, making Open USD’s approach different.
The list of partners covers many industries. Payment companies such as Visa, Mastercard, American Express, Stripe, Klarna, and Checkout.com have joined the project. Global banks including BlackRock, BNY, Standard Chartered, DBS, BBVA, and U.S. Bank are also part of the group.
Global Companies Back the New Stablecoin
Technology companies such as Google, IBM, Samsung Electronics, Shopify, Grab, Rakuten, and Wix have also signed up. Crypto companies including Coinbase, Ripple, Gemini, Bybit, Fireblocks, MetaMask, OKX, and Solana complete the growing list of supporters.
The companies behind the Open USD Stablecoin believe businesses need a better option for digital payments. They say current stablecoins often charge high fees for large transactions and keep all the earnings from reserve assets. Open USD aims to solve these problems by lowering costs and sharing those earnings with its partners.
What It Could Mean for India
Open USD Stablecoin shows that many global companies believe stablecoins will play a bigger role in digital payments and cross-border money transfers. The project also shows that large businesses want a stablecoin that is managed by many partners instead of a single company.
India, however, is still moving carefully. The Reserve Bank of India (RBI) has said several times that private stablecoins could create risks for the country’s financial system. RBI officials believe payment systems like UPI, NEFT, RTGS, and the Digital Rupee already meet India’s needs.
At the same time, the Indian government has shown interest in creating rules for stablecoins. The Economic Survey 2025–26 suggested that a regulatory framework could be explored. Even so, the government and the RBI have not reached the same view. This difference has delayed India’s crypto policy.
As a result, Open USD Stablecoin may find it difficult to enter the Indian market soon. Several companies in the consortium already operate in India, but clear rules for private stablecoins are still missing.
India is not rejecting stablecoins completely. Instead, the country is waiting for a clear policy while giving priority to the Digital Rupee and its existing payment systems.
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