A consortium supported by a who’s who of the payments, banking, and crypto industries has launched a new stablecoin, Open USD. The reserve-backed stablecoin is the brainchild of Zach Abrams, founding CEO of Open Standard and co-founder of stablecoin infrastructure firm Bridge, which was bought by payment processing firm Stripe in 2024. “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,” Abrams said in a statement. Open Standard’s founding users include Visa, Mastercard, American Express, PayPal, Western Union, Blackrock, Standard Chartered, Google, IBM, Coinbase, OKX, Solana, Ripple, and Aave among more than 140 companies.…
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Exodus Launches Stablecoin Designed for AI Agents
XO Cash stablecoin allows purchases without private key control
Crypto wallet maker Exodus Movement has launched a new stablecoin designed expressly for AI agent commerce. The Solana-based XO Cash stablecoin and its software toolkit will let AI agents make payments without giving them control over private keys. Built with the on-and-off-ramp fintech MoonPay, XO Cash lets developers create wallets linked to an agent while setting spending limits and issuing Visa-branded virtual debit cards. Agents spend directly from their Exodus Pay balances without ever holding or managing a private key. Users can set rules, including daily spending limits, per-transaction limits, allowed merchants, and rate limits. Exodus said there are no transaction fees, making the XO Cash wallets suitable for agents…
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Facebook’s Libra frontman, Calibra wallet head David Marcus, finally has something to smile about. (Photo: Wikimedia Commons)Shopify joins Libra, providing badly needed win
The Libra Association’s long losing streak came to an end today as the global e-commerce firm Shopify announced its membership in the stablecoin project
After a long, painful string of defections, the Libra Association finally has some good news to announce. A new member, retail e-commerce site Shopify, made the $25 million commitment to join on Feb. 21.
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There are worse things you can say about a group that wants in to the financial industry than they don't care about anti-money laundering rules. But not many (Photo: Mastercard)Mastercard’s chief tosses Facebook’s Libra under the bus
The credit card firm’s CEO, Ajay Banga, said compliance concerns were the reason he pulled out of Facebook’s stablecoin project
Mastercard CEO Ajay Banga told the Financial Times on Monday that important members of the Libra Association wouldn’t give a firm commitment to follow local laws in all circumstances, including know your client (KYC) and anti-money laundering (AML) regulations.
