Open Standard confirmed an update to its organization.
Open Standard has officially announced that its founding members will pitch in $1B in total investments to scale OpenUSD, including Stripe, Coinbase, Visa, Shopify, and Mastercard.
In addition, Zach Abrahams, previously CEO of Bridge, will now fully transition to the team and dedicate his time to grow the platform.
Open Standard consortium was revealed earlier in the summer.
The Stablecoin Market Welcomes Open Standard
Open Standard is the latest stablecoin issuer in the market.
Its OUSD stablecoin not a native onchain ecosystem stablecoin, nor is it a DeFi collateral asset. It is also not a purpose-built stablecoin for daily trading activity on exchanges.
With Tether’s USDT and Circle’s USDC stablecoins clearly running the stablecoin market, OpenUSD is aiming to find its own niche in the commerce payments category.
However, backed by heavyweight distributors of payments and online shopping, like Shopify and Visa, there is a clear angle to integrate OUSD into global commerce.
From the latest blog, it is mentioned that the founding 5 companies will have a chance to contribute to a board of directors that is expected to form further down the road.
Other partners may receive equity, but this really depends on the volumes they bring to OUSD over time.
Those with sticky products and loyal customer bases are positioned best to get a cut from stablecoin rewards. Open Standard plans to have regular revenue from transaction fees.
After an initial backlash, including particular critique questioning the true extent and commitments from 100+ list of partners revealed, Open Standard is intending to go into production.
