Open Standard launches OUSD stablecoin as HSBC names RedCoin

Major financial players are expanding their presence in the stablecoin market with two significant developments. Open Standard has officially launched Open USD (OUSD), a US dollar-pegged stablecoin designed for enterprise use, including cross-border payments and settlement. Supported by a consortium including Visa, Mastercard, Stripe, and Coinbase, OUSD utilizes a shared economy model where partners can earn rewards based on the volume of OUSD they generate or transact. The token is natively available on Ethereum, Base, Solana, and Tempo, with reserves held by institutions such as BlackRock and BNY.

Simultaneously, HSBC has announced the name for its forthcoming Hong Kong dollar-pegged stablecoin, HSBC RedCoin. Planned for a rollout in the second half of 2026, the coin will initially focus on person-to-person (P2P) and person-to-merchant (P2M) payments via the bank’s mobile app and PayMe. HSBC aims to leverage its existing digital banking infrastructure to support Hong Kong’s financial innovation, following a license granted by the Hong Kong Monetary Authority.