Ripple has joined the Open USD stablecoin consortium, a project backed by more than 140 companies. Supporters named in the report include Mastercard, BlackRock, Google, Visa, and Stripe, with the initiative aimed at expanding institutional stablecoin use across payments and digital finance through a shared governance model.
A stablecoin structure without a single issuer in control
Open USD is being positioned differently from many existing stablecoins because it will not be controlled by one issuer. Instead, an independent organization called Open Standard will oversee the stablecoin and its governance, allowing participating companies to shape network rules collectively rather than leaving major decisions to a single firm. Material protocol changes are also expected to require broader agreement across the consortium.
The model is designed to address several obstacles that have slowed institutional adoption: high minting and redemption costs, concerns around governance concentration, and uneven distribution of reserve-generated income. Open USD’s answer is simple on paper. Members can take part in the network without handing control to one company.
Participating businesses can mint and redeem without fees
According to the report, businesses in Open USD will be able to mint and redeem the stablecoin without paying transaction fees. Income generated by the underlying reserves will also be shared among consortium members instead of remaining with a sole issuer. That setup targets two of the biggest institutional considerations at once: cost efficiency and access to reserve economics.
The member list spans traditional finance, technology, and crypto. Named financial backers include Mastercard, Visa, American Express, BlackRock, and BNY. The technology side includes Google, DoorDash, Shopify, and Stripe. Crypto-native participants such as Coinbase, Fireblocks, and Solana are expected to contribute infrastructure and liquidity to the ecosystem.
Ripple expands its stablecoin reach while keeping RLUSD in focus
For Ripple, joining Open USD could strengthen its cross-border payments business by giving it access to another institutional-grade settlement asset. The report also notes that the stablecoin may support DeFi applications that depend on reliable liquidity and broader enterprise participation.
The move also raises questions about RLUSD, Ripple’s regulated stablecoin. RLUSD has reached a market capitalization of about $1.4 billion and remains an important part of Ripple’s payments ecosystem. Ripple has not explained how RLUSD will operate alongside Open USD, nor whether the two stablecoins are meant for different institutional use cases. What is clear for now is that Ripple is broadening its position in the stablecoin market without replacing its current product.
Mastercard has said that stablecoin adoption depends on trusted networks, broad industry participation, and collaboration across the financial sector. That view matches the governance design presented by the Open USD consortium, which is trying to build a common model for institutional use of stablecoins in payments, settlements, and digital financial services.