Open Standard, an independent company backed by more than 140 businesses, launched Open USD, a new US dollar-backed stablecoin designed for global money movement, the company said Tuesday.

Partners include Visa (V), Stripe, Mastercard, American Express, BlackRock, BNY, Google, Coinbase, Shopify, DoorDash, and Standard Chartered, among others. All plan to integrate Open USD into their systems once it goes live later this year.

Open USD is designed around three principles: free minting and redemption with no volume limits, reserve earnings shared among partners minus a small management fee, and collaborative governance through a board made up of partners, the company said.

Zach Abrams, co-founder of Stripe-owned Bridge, serves as founding CEO of Open Standard, according to the statement.

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