Visa Won’t Pick Stablecoin Winners, but Open USD Goes First
Asked about stablecoin competition on Visa’s July 28 earnings call, CEO Ryan McInerney gave a familiar answer.
“Our role is not to pick winners,” he said.
Visa holds a seat on the board of the company issuing Open USD, a consortium whose stated terms return reserve earnings to member businesses. It is also giving Open USD the first integration on its new institutional stablecoin platform.
Those facts sit awkwardly beside the quote. Visa may have no view on which stablecoin wins, and it has taken a position in one.
TL;DR
- Visa sits on Open Standard’s partner board, which returns reserve revenue to members.
- Open USD hands nearly all reserve income to partners, attacking the model behind USDT and USDC.
- Circle shares fell as much as 17% on the announcement; Coinbase joined despite earning $908m from USDC in 2024.
What Visa Actually Holds in Open USD
Open USD launched in June from Open Standard, an independent company with more than 140 participating businesses including Mastercard, American Express, Stripe, BlackRock, BNY, Standard Chartered, Google, Shopify, Coinbase and Ripple. Zach Abrams, co-founder of the Stripe-owned infrastructure firm Bridge, is founding CEO.
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