Open Standard, led by Zach Abrams, co-founder of Stripe-owned stablecoin infrastructure company Bridge, has launched Open USD, a stablecoin for global money movement with support from more than 140 companies including BlackRock, Visa, Stripe, Google, Coinbase, and DBS.
The stablecoin is scheduled to launch later this year. The launch targets major barriers to institutional stablecoin adoption, including expensive issuance and redemption, limited participation in reserve revenue and reliance on centralized issuers.
Open USD will return the majority of reserve-generated revenue to participants that adopt and distribute the stablecoin, retaining only a small management fee to fund operations. In addition, it will eliminate minting and redemption fees and place governance under an independent company owned collectively by ecosystem participants.
The incentive model is designed to reward partners for expanding adoption while enabling Open Standard to maintain the technical, compliance and operational infrastructure supporting the network.
This is a developing story.
