Brazil's antitrust regulator, the Administrative Council for Economic Defense (Cade), has approved without restrictions the creation of Open Standard LLC, a joint venture formed by Visa, Mastercard, Coinbase, Stripe, and Shopify to develop the Open USD stablecoin. The decision, published in mid-October 2026, clears the corporate structure but does not authorize the cryptocurrency to be offered in Brazil. Open USD is designed to maintain a value equivalent to one U.S. dollar for payments, cross-border transfers, and financial settlement.
Antitrust Analysis and Decision
Cade concluded that the operation does not create horizontal overlap in the Brazilian stablecoin market because the five founding companies currently have no share of local stablecoin issuance. Even if Open Standard later obtains authorization to issue the asset in Brazil, the resulting market participation through the new company would remain zero. The antitrust review covered only competitive effects, leaving safety and financial regulatory compliance to other authorities.
How Open USD Will Operate
The Open USD stablecoin is issued by Bridge, an infrastructure provider acquired by Stripe, and initially runs on the Ethereum, Solana, Base, and Tempo networks. According to information filed with Cade, reserves supporting the token's dollar peg involve BlackRock, BNY, and Lead Bank. The project was first announced in June 2026 and has attracted interest from more than 140 companies that intend to use the digital currency.
Approval Scope and Next Steps
The Cade approval was granted by the agency's General Superintendence under process number 08700.009379/2026-85, following notification submitted by the five companies in late September 2026. The decision is subject to possible appeal or review by the Cade Tribunal before it becomes final. The clearance does not amount to authorization for Open USD to be commercialized in Brazil independently of financial regulatory approvals.
Founding Companies and Stablecoin Support
Each founding company is expected to distribute Open USD through its own products and platforms once the asset becomes available to customers. The consortium stated that it does not intend to reduce support for third-party stablecoins, with Stripe keeping USDC and USDP, and Visa, Mastercard, and Coinbase maintaining their existing USDC operations. The project also allows firms to earn a share of reserve yields after administrative costs and to participate in governance.
Brazilian Participation and Market Context
Although not among the five founding companies, Brazilian banks Itaú and Bradesco appear in the Open Standard participant list, according to media reports. Their involvement does not make them issuers of Open USD or shareholders of the approved company, but it may allow them to integrate the stablecoin into products and services. Stablecoins accounted for roughly 80% of declared cryptocurrency transaction volume in Brazil during 2025, which has drawn greater attention from the Central Bank of Brazil.
Broader Stablecoin Landscape
The initiative represents another move by established payment and technology firms into a sector where stablecoins have gained significant traction for digital payments and settlement. The Open Standard governance model allows partner companies to issue and redeem the token without fees and to shape future development decisions. The project's backers say it aims to connect blockchains, financial institutions, and payment platforms through a shared digital dollar infrastructure.
The approval highlights how traditional payment companies are expanding into the stablecoin market currently led by USDT and USDC. For now, Open USD will be launched from the United States, and any future availability in Brazil will require separate regulatory authorizations, including Central Bank rules for virtual asset services. The decision therefore clears the consortium's competitive path while leaving Brazilian distribution subject to additional financial oversight.
Source: Exame.com