Consortium including Visa, Mastercard jointly launch new global stablecoin

June 30 (Reuters) - A consortium including Visa, Mastercard and Coinbase on Tuesday launched a new joint stablecoin in a bid to broaden the ‌adoption of the digital tokens.

The venture, called Open Standard, brings together more ‌than 140 businesses for the stablecoin network and will issue a new U.S.-dollar pegged stablecoin called Open ​USD, which is expected to go live later this year.

It is aimed at accelerating the usage of the digital tokens worldwide by addressing hurdles that businesses face in scaling stablecoin adoption, Open Standard said.

"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.

It will let businesses mint ⁠and redeem Open USD without any cost and limits on volumes to help them build for scale. Earnings from Open USD's reserves backing the digital token will also ​be shared ​among the initiative's partners, minus a management ​fee to cover operational costs.

Stablecoins are ‌digital tokens designed to keep a constant value and backed by traditional currencies such as the U.

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/crypto/articles/consortium-including-visa-mastercard-jointly-152345284.html)