and Coinbase has launched a new joint stablecoin as part of an initiative to expand the use of digital tokens, Reuters reports.

The project, dubbed Open Standard, unites over 140 companies participating in the network. It will issue a new token, Open USD, pegged to the US dollar and launch this year.

The token's launch aims to remove barriers businesses face when scaling the use of stablecoins. Open Standard founder and CEO Zach Abrams explained that existing stablecoins have strengths, but for industrial-scale use, businesses need an open, low-cost, and high-performance tool. Companies will be able to issue and redeem Open USD for free and without volume limits, and revenue from the reserves backing the token will be distributed among the project's partners, minus a fee for operating expenses.

Carolyn Weinberg, BNY's Chief Product and Innovation Officer, noted that a stablecoin with neutral governance and a shared economy represents a unique combination that could usher in a new era of growth for the digital asset market.

Previously, in 2024, several fintech and crypto companies, including Robinhood and Kraken, had already teamed up to launch a similar global stablecoin network, the Global Dollar Network, the agency clarified.