Businesses can get started with OUSD through four integration paths, including Stripe, Coinbase, Mastercardand Visa, according to the post.
“Each integration path offers APIs and tools that enable businesses and developers to build with OUSD across a range of critical services including settlement, payment orchestration, trading, FX, wallets, cards and more,” Open Standard said in the post. “All paths support mint and burn functionality at a 1:1 USD conversion rate, at no cost.”
Open Standard announced June 30 that OUSD, which it described as a “money movement stablecoin,” was set to go live later in the year and that several dozen companies had signed up to use it.
The company said those firms included Visa, Google, Mastercard, Coinbase, American Express, DoorDash and Plasma, which is providing the blockchain infrastructure that allows for instant money movement.
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“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 in a June press release. “We’re thrilled to bring together over 140 businesses to launch Open USD. It’s a stablecoin built for the internet economy, designed by the businesses growing it.”
Stripe said in a Wednesday press release that OUSD has joined the other stablecoin options available to businesses running on Stripe’s financial infrastructure.
Businesses on Stripe can mint and burn OUSD at no cost, and those that choose to become Open Standard partners will be able to earn rewards for adopting and transacting with OUSD, according to the release.
Developers can use Stripe’s application programming interfaces, including Bridge orchestration, Privy embedded wallets and Stripe Issuing for stablecoin cards, to build FinTech products with OUSD, per the release.
Businesses can also hold OUSD directly with Stripe Treasury, spend that balance with stablecoin cards, send OUSD to crypto wallets in more than 100 countries and use OUSD to fund Stripe Treasury accounts, according to the release.
OUSD is designed to provide an alternative to stablecoins that incur variable fees to convert in and out of fiat currencies, per the release.
“OUSD changes that: businesses can convert freely between dollars and OUSD at no cost,” Stripe said in the release. “Instead, Open Standard charges a small, predictable transaction fee.”
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