pakistan
Open USD: Visa, Mastercard jointly launch new global stablecoin
Key takeaways
- A consortium including Visa, Mastercard and Coinbase on Tuesday launched a new joint stablecoin Open USD in a bid to broaden the adoption of the digital tokens.
- The venture, called Open Standard, brings together more than 140 businesses for the stablecoin network and will issue a new U.S.-dollar pegged stablecoin called Open USD, which is expected to go live later this year.
- It will let businesses mint and redeem Open USD without any cost and limits on volumes to help them build for scale.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize. A consortium including Visa, Mastercard and Coinbase on Tuesday launched a new joint stablecoin Open USD in a bid to broaden the adoption of the digital tokens.
The venture, called Open Standard, brings together more than 140 businesses for the stablecoin network and will issue a new U.S.-dollar pegged stablecoin called Open USD, which is expected to go live later this year.
“Existing stablecoins have great strengths, but to use them at scale, businesses need something that’s open, low-cost, high-throughput, broadly accessible, and aligned to their interests,” Open Standard founding CEO Zach Abrams said.
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