Open Standard released the Stable Currency on June 30th OUSDIt is positioned as a financial flow tool for the global Internet economy. The project is scheduled to go online later this year, with zero-rate foreclosures, distribution of reserve revenues and co-governance by partners.
Three core designs
According to Open Standard, while the existing mainstream stabilization currency has grown in size, cost and revenue distribution patterns limit its wider adoption by enterprises. In this context, the OUSD offers programmes such as zero-rate casting and foreclosure, allocation of reserve revenues to contributors, and joint partnership in governance.
- No charge for foundry and foreclosure.
- Allocation of reserve proceeds to contributors
- Governance with partners
CEO Zach Abrams, the founder of the company, stated that when a firm uses a stable currency on a large scale, it is more in need of an open, low-cost, high-volume, and mutually beneficial infrastructure. According to public information, Abrams is currently also the CEO of the Stripe-Stabilised Currency Payment Platform Bridge.
Partner covers payment and technology companies
Open Standard indicates that more than 140 partners have supported OUSD. The institutions mentioned include BlackRock, Visa, Stripe, PayPal, Western Union, Google and Shopify.
Samara Cohen, Director of Global Market Development, BlackRock, stated that a stable currency, supported by credible infrastructure and practical applications, could play a role in the evolution of the digital market. She claims that Open USD provides more options for businesses to access the monetized value and Internet primary payment networks.
Open Standard ' s public information remains limited in terms of current disclosures and, with the exception of the Vision and Cooperation List, details of the reserve asset structure, size of issuance, compliance arrangements and a specific go-live.
Circle's share price dropped by 13%.
Immediately after the announcement, the market saw it as a potential challenge to the existing stable currency pattern. According to the report, the price of the Circle stock fell by 13 per cent within hours of the news, to $65.5.
Subsequently, Circle CEO Jeremy Allaire publicly responded that companies welcomed continuous innovation and competition in the industry. Tether CEO Paolo Ardoino also welcomed Open Standard and commented implicitly on Circle.
At present, USDT and USDC are still the two core products of a stable currency market. According to DefiLlama data, Tether and Circle are generating billions of dollars in annualized income. In the event that OUSD subsequently lands in the established pattern, its zero-rate foreclosure and revenue-sharing mechanism could have a direct impact on an important source of revenue for existing distributors.