OpenPayd Readies for U.S. Launch Amid Bank Stablecoin Plans
OpenPayd is preparing for a U.S. launch as major banks develop a dollar stablecoin. The London-based provider of open-banking and stablecoin services announced an expansion into the American market after acquiring 43 state money-transfer licenses. Globally, the company processes more than $300 billion in volume yearly for more than 1,200 businesses, with annual recurring revenue reaching past $96 million.
Acquisition of MSB USA
The announcement comes following OpenPayd’s integration this month of MSB USA Inc., a money-services business founded by Ozan Ozerk, a 47-year-old entrepreneur specializing in fintech and also the founder of OpenPayd. That move brings to OpenPayd some 43 state money-transfer licenses, the company says, adding that the move will serve as a basis for the firm’s near-term growth. The firm’s client list includes Kraken, eToro, OKX, and B2C2, financial-services companies involved in digital assets.
“Our clients are increasingly global, and their demand for seamless, compliant payment infrastructure in key markets like the U.S. has driven this strategic move,” said Iana Dimitrova, OpenPayd’s chief executive, in a statement.
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Preparing for the Market
OpenPayd worked this summer with Titan Acquisition Corp. on what the companies call a combination agreement that will see OpenPayd become a public company listed on the Nasdaq. The move valued the company at $1.145 billion. The merger with Titan is expected to close in the fourth quarter.
This expansion aligns with broader trends in the financial sector. While OpenPayd builds out its compliance infrastructure, a separate group of major financial institutions has announced plans to issue their own stablecoin. Some 21 major banks, including Bank of America, Capital One, and Citi, said they will set up a company to issue stablecoins, with priority on a dollar-denominated product. North American banks involved in the project include Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, and WisdomTree.
The group has targeted the first half of next year for the product’s launch. No name for the joint venture has yet been announced, though the backers say development will emerge “in due course.” The venture, which will operate around the world, will at first work with a dollar stablecoin, though it plans ultimately to issue coins backed by another 67 currencies, with a Euro-backed coin as a priority.
