This is really a Modern States initiative, not far off from what we are doing (and my own institution has been trying to do as well): they are using MOOCs offered via EdX that they have identified as aligning with certain CLEP and AP program exams to grant credit. Students complete a particular MOOC, then upon completion, they take an exam that would award them credit upon successful completion.
Texas State is promoting this opportunity, but other institutions are partnered with Modern States as well. Arizona State University has a similar arrangment with EdX to accept certain MOOCs (in which students’ identities have been verified, and their exams completed in the presence of a proctoring service) for credit–this is called the Global Freshman Academy (link here).
To be honest, this sort of option is already available to enterprising students in the US: Saylor Academy courses carry credit upon completion of a proctored assessment, and in fact, my institution has developed an associate’s (2-year) degree that can be completed using Saylor and a couple of other free or very low-cost online resources, including the one Unisa course we adopted via OERu. What has been lacking is the packaging and promotion of these options.