We are advising Visa on the launch of the consortium and issuance of Open USD

Davis Polk is advising Visa Inc. as a founding partner of Open Standard LLC (OS), a multi-member organization and independent consortium that has been formed to design, launch, distribute, maintain and promote one or more payment stablecoins. On September 30, 2026, OS launched Open USD, a shared stablecoin designed for the global financial system and designed to comply with the GENIUS Act.

OS’s mission is to build internet-native money. OS believes all businesses should be able to use stablecoins as easily as they use fiat, benefiting from superinfrastructure that’s cheaper, faster, more global, and more programmable. Open USD is purpose-built for use cases across banking, cross-border payments, settlement, institutional trading, and more. To serve the collective interests of businesses building financial services at scale, Open Standard will be governed by a board of directors representing its shareholders. This structure is designed to give the partners driving the most growth and adoption of Open USD a meaningful role in shaping the company’s direction.

The Davis Polk corporate team includes partners Joseph A. Hall and Lee Hochbaum, counsel Alon Benjamin Harish and associates Rahul Srivastava and Matt Moriarty. Partner David L. Portilla, counsel Justin Levine and associate Jackson J. Miner are providing financial institutions advice. Partner Howard Shelanski, special adviser – EU antitrust Frances Dethmers, counsel Gil Ohana and associates Dylan Jones and Ciara Agnew are providing antitrust and competition advice. Partner Frank Azzopardi and associate Shreya R. Kundur are providing intellectual property advice. Partner Corey M. Goodman is providing tax advice. Partner Travis Triano is providing executive compensation advice. Members of the Davis Polk team are based in the New York, Washington DC, Brussels, Northern California and London offices.

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