The largest cryptocurrency companies are planning to launch their own unique token

More than 140 cryptocurrency and financial companies have announced the joint launch of the dollar-pegged stablecoin Open USD. The project’s initiators have promised free issuance and redemption of the token with no restrictions on transaction volumes.

Management of the project has been transferred to an independent entity—Open Standard. The board of directors will include representatives from the participating companies, though their names have not yet been disclosed. A portion of the revenue from Open USD’s reserves is planned to be distributed among organizations that use and promote the stablecoin. Funds received by Open Standard in the form of fees will be directed toward the project’s development and ensuring compliance with U.S. law.

Partner companies include Solana, Crypto.com, Fireblocks, Gemini, Aave, Tempo, eToro, Galaxy, Ledger, Trust Wallet, Morpho, EtherFi, Privy, Bitget Wallet, Stellar, Polygon, Aptos, and Plasma.

The news about Open USD immediately hit Circle’s stock price—Circle is the issuer of USDC, the second-largest dollar-pegged stablecoin by market capitalization. The company’s shares plummeted by more than 13% and continue to decline.

Meanwhile, in early June, it was reported that Visa, Mastercard, and Stripe are exploring the possibility of creating a unified platform for stablecoins. Coinbase, the largest U.S. crypto exchange, could become a partner in this project. These developments are unfolding against the backdrop of the U.S. Congress’s consideration of the CLARITY bill, which, among other things, regulates the generation of returns from stablecoins.