Big payment firms, banks and fintechs add heft to Open USD stablecoin

Major credit card networks and banks are backing a new dollar-linked stablecoin, which could soon change how you accept payments and offer financing. Visa, Mastercard, and Stripe are joining forces to standardize 'Open USD.' For retailers, this represents a move toward faster, cheaper settlement times. Instead of waiting days for customer financing payouts or credit card deposits to clear, these digital dollars move almost instantly. This technology bridges the gap between traditional banking and digital currency. It allows your business to receive funds through blockchain rails while keeping the stability of the U.S. dollar. For high-ticket retailers, this could eventually lower the cost of processing large transactions compared to traditional credit cards. It also creates a foundation for new types of Buy Now, Pay Later (BNPL) products that operate outside the traditional banking grid. While you don't need to change your checkout process today, the involvement of mainstream giants like American Express and U.S. Bank suggests that stablecoin payments are moving from outskirt crypto projects into the standard retail tech stack.

Source: American Banker — Top News

← Return to the library· Submit a correction