OpenUSD Backed by 140+ Firms Challenges USDC as BlackRock Pivots
Over 140 companies, including Stripe, Visa, Mastercard, BlackRock, Coinbase, and Google, launched the Open USD stablecoin consortium on June 30, 2026.
Summary
- Over 140 companies, including Stripe, Visa, Mastercard, BlackRock, Coinbase, and Google, launched the Open USD stablecoin consortium on June 30, 2026.
- BlackRock added Ethena's synthetic dollar USDe to its $25 trillion Aladdin platform on June 29, 2026, for institutional DeFi access.
- Circle CEO Jeremy Allaire stated that Open USD must overcome USDC's network effect before its backers can matter.
Companies launched Open USD on June 30, 2026. They pulled together more than 140 backers. Stripe, Visa, Mastercard, BlackRock, Coinbase, and Google all signed up to take on Tether and USDC.
The timing lines up with BlackRock's USDe integration into Aladdin.
Context
Tether and Circle still dominate stablecoins. They control most of the supply because of strong network effects. New projects like Open USD have to break through that.
Platforms gear up for tokenized assets now.
Details
Open USD offers zero-fee minting and shared reserves. This setup targets big enterprise users. Payments firms and tech giants like Google and Ripple signed on.
BlackRock added USDe to Aladdin for direct institutional access.
"Circle CEO says Open USD must break USDC's network effect before its 140 backers matter."
, Jeremy Allaire (CoinMarketCal)
Investors showed caution right away. CoinDesk sees a tough road ahead for Open USD despite the big names.
Both moves push diversified stablecoins on institutional rails.
They target tokenized asset flows.
Watch BlackRock's July 15 earnings. Look for early volume data too.
