Open USD stablecoin launches on Solana with $1B liquidity from major partners
The launch of Open USD on Solana marks a significant advancement in the stablecoin market, offering businesses the unprecedented ability to mint and burn at a 1:1 ratio with the US dollar without incurring costs. With over $1 billion in liquidity and backing from industry giants like Coinbase and Mastercard, OUSD is poised to redefine transactional
The stablecoin is issued by Bridge, with its reserves managed by financial institutions such as BlackRock, Lead Bank, and BNY. These reserves are subject to monthly attestations, ensuring transparency and reliability for users. The native issuance of OUSD on Solana eliminates the need for wrapped versions, offering a straightforward financial instrument for enterprises.
Over 200 companies, including UBS, SBI Holdings, and Jeeves, are planning to integrate OUSD, expanding Solana's influence in the financial sector. The stablecoin uses Solana's Token-2022 standard, which supports features like confidential transfers at the protocol level.
Jamal Raees, General Manager of Payments at the Solana Foundation, highlighted the network's capacity, noting that Solana has processed over $5 trillion in stablecoin volume this year. The introduction of OUSD is expected to attract more enterprises to Solana's ecosystem, reinforcing its position as a hub for stablecoin transactions.