Mastercard joined a consortium of over 140 companies to launch the Open USD (OUSD) stablecoin.
The group includes major partners such as Visa, Coinbase, and BlackRock.
The venture operates under the name Open Standard.
This initiative aims to increase business adoption by challenging the current stablecoin market.
The U.S. dollar-pegged asset utilizes a shared governance model.
The project provides fee-free minting and redemption for businesses.
Partners will receive distributions from the stablecoin's reserve earnings.
The Open USD network launches later this year.