RT Patrick Collison: Delighted to partner with Visa, Mastercard, Coinbase, Cloudflare, Google, and many others, to introduce Open Standard, a new stab...
Patrick Collison announced a partnership with Visa, Mastercard, Coinbase, Cloudflare, Google and others to launch Open Standard, a new stablecoin designed for scale.
Background
- Patrick Collison is the co-founder and CEO of Stripe, the global online payments company. This is his personal announcement, not an official corporate press release.<br/>- "Open Standard" (joinopenstandard.com) was a short-lived 2023 initiative backed by Stripe, Coinbase, and major financial/tech firms to create a new dollar-pegged stablecoin (a cryptocurrency whose value is fixed to fiat money, in this case the US dollar).<br/>- The project was controversial because it was initially announced without fully open-source code or clear governance — critics called it a "permissioned" stablecoin controlled by a consortium, the opposite of the decentralized ethos many in crypto advocate.<br/>- By late 2023 / early 2024, the Open Standard initiative had effectively stalled or been abandoned; it never launched a widely used token. It is now mostly remembered as a failed attempt by traditional payments players to create a "better" stablecoin that couldn't gain traction against existing incumbents like USDC (Circle) and USDT (Tether).