Open USD has launched through a consortium of more than 140 participants, including major financial institutions and technology companies. According to reports from BeInCrypto, the consortium includes Visa, Mastercard, Stripe, Coinbase, and BlackRock, positioning the stablecoin to compete directly with established issuers. Participating companies will be able to distribute the asset through exchanges, wallets, merchant products, and payment services while receiving a share of reserve earnings. As reported by Louisa Bai, Head of Stablecoins at Mysten Labs, Open USD is primarily built to share stablecoin reserves across partners including Visa, Stripe, Coinbase, Mastercard, and leading blockchains such as Sui.
The stablecoin market has reached significant scale with supply above $300 billion and payment use reaching an estimated $390 billion in 2025, according to BeInCrypto reports. Open USD provides participating companies with a financial incentive through its revenue-sharing model, where reserve earnings can be returned to consortium members. Kevin Cui, Executive Director and CEO of OSL Group, noted that local-currency stablecoins are developing a durable role alongside dollar coins by reducing FX exposure and allowing businesses operating in euros, reais, or yen to retain their own unit of account. However, established issuers like USDT and USDC retain advantages built through liquidity, trading pairs, exchange listings, and widespread use across crypto markets.
According to Marc Boiron, CEO of Polygon Labs, Latin America provides some of the strongest examples of stablecoins functioning as everyday money across savings and cross-border payments. As reported by BeInCrypto, Boiron highlighted that when a currency loses value overnight and sending money home costs 6% and takes three days, a digital dollar becomes a household decision. The Mexico-US and Brazil-US corridors represent major sources of current volume, while the Gulf serves as an early regulatory leader and Japan as a careful builder of bank-connected products. Emerging markets such as Argentina, Brazil, and Pakistan use dollar stablecoins as protection from inflation and currency depreciation.
Blockchains play a crucial role in stablecoin settlement efficiency, with different chains competing through transaction performance and developer tools. According to BeInCrypto reports, Sui introduced gasless stablecoin transfers in May 2026, allowing users to send supported assets without holding SUI separately for transaction fees. The platform also recorded more than six million transactions per second during a July public experiment using programmable tunnels. Louisa Bai from Mysten Labs emphasized that stablecoins need fast finality, capacity for large user numbers, stable fees, and strong user experience for mass adoption.
Despite the competitive landscape, dollar coins are expected to retain their dominance in global markets while local assets develop around domestic payments and regional commerce. As reported by BeInCrypto, non-dollar stablecoins remain concentrated in foreign-exchange trading within DeFi, with locally denominated assets such as JPYC continuing to develop. The strongest providers will combine reliable reserves with liquidity, distribution, and efficient settlement capabilities. Business adoption depends on liquidity and reliable fiat conversion, with companies requiring coins already present in their existing wallets and payment services backed by issuers acceptable to banks and auditors.
