Chainlink Backs New OUSD Stablecoin as $1 Billion Liquidity Push Goes Live Across Four Blockchains

Open Standard has introduced Open USD, a new stablecoin with over $1 billion in committed short-term reserves and Chainlink as an official oracle partner. Open USD is being made available first on Base, Ethereum, Solana, and Tempo blockchains, among others, and will integrate with payment and financial services from other leading companies.

Businesses have access to OUSD via integrations with Stripe, Mastercard, Visa, and Coinbase. APIs and other integrations are available to enable businesses to convert U.S. dollars to and from OUSD at a 1:1 rate, with no fees for minting or redeeming the stablecoin.

BVNK, Stripe, and the Visa Stablecoin Platform are available at launch. Coinbase support is set to become available Oct. 1. Other early trading venues for the stablecoin include Coinbase, Kraken, and Uniswap.

Bridge Building Inc., a Stripe subsidiary, now mints OUSD. Open Standard says BlackRock, Lead Bank, and BNY maintain stablecoin reserves for OUSD. Bridge will provide monthly attestations for the stablecoin reserves, Open Standard says.

Stripe and Bridge offer payment and other financial infrastructure services, including payment and wallet capabilities and on- and off-ramps for fiat and other currencies. Mastercard has partnered with BVNK. Visa launched its own stablecoin, OUSD, through its Stablecoin Platform, which is currently in beta and available to some users in certain locations.

Chainlink has been selected as an official oracle partner for Open USD. The Chainlink network is designed to provide data for blockchain projects, such as market information needed by smart contracts.

The technology can be used to integrate OUSD with other markets and products, including lending, margin trading, and automated market maker and yield farming products.

Read More: HSBC Unveils RedCoin Stablecoin Ahead of Major Hong Kong Launch

Aave Labs suggests a use case for OUSD in a decentralized finance application, including support for OUSD on the Aave V3 Ethereum platform and Aave V4 Core Hub. In the proposed use case, users can deposit and borrow OUSD but not use OUSD as collateral.

Higher loan-to-value limits and other collateral improvements may be implemented later based on additional onchain information. The proposal stated that the oracle design was not yet finalized and that other risk parameters would be set once the community has provided input and Chainlink product feeds for the production network are available.

The five founding members of Open Standard include Coinbase, Mastercard, Shopify, Stripe, and Visa. They are investors in Open Standard and are providing other support to help Open Standard secure over $1 billion in initial trading capital.

Open Standard claims its partner network consists of more than 200 financial institutions, fintechs, banks, and multinational corporations. Seuritize has joined the OUSD network and intends to provide OUSD services via its tokenization platform.

Read More: U.S. Eyes Global Stablecoin Push to Unlock New Treasury Demand

The project rewards partners based on OUSD supply and activity on partner platforms. Bridge has received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency to open Bridge National Trust Bank in New York.

The bank being approved does not yet exist. Final approval by the regulator is contingent on meeting other pre-opening conditions.

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