Visa backs Open USD with new stablecoin platform as Circle faces fresh competition

60-second summary

Visa is backing Open USD with a new stablecoin platform, enabling banks and fintechs to issue, manage, and settle digital dollars through its payments network. This move allows for seamless on-ramps and off-ramps, facilitating greater adoption of stablecoins in financial transactions. The platform faces Circle, a leading stablecoin issuer, in fresh competition.