Summary
Over 140 global financial and payment companies — including Visa, Mastercard, BlackRock, and Coinbase — have formed the Open Standard consortium to launch Open USD (OUSD), a dollar-backed stablecoin with a revenue-sharing model that distributes reserve management profits to network partners. However, several Korean companies (Samsung Electronics, Dunamu, Shinhan) deny official participation, saying they were listed without formal agreement.
Key Facts
- Open Standard consortium: 140+ firms including Visa, Mastercard, BlackRock, Coinbase, Stripe
- OUSD: dollar-backed stablecoin, fully reserved, mint/redeem without fees or volume limits
- Revenue model: reserve management profits (from US Treasuries) distributed to network partners minus operational fees — unlike Tether/Circle which keep profits
- Not a DAO or shareholder-based model — consortium governance
- Korean companies named: Samsung Electronics, Dunamu, Shinhan Financial, Kakao Bank, Kbank, Hyundai Card, KB Kookmin Card, BC Card, Hana Card, Samsung Card, Woori Card, NH Nonghyup Card, Hanwha
- Multiple Korean companies deny official participation — "learned about inclusion through news reports"
- Circle CEO Jeremy Allaire defended USDC's network effects against OUSD: "those same members will remain large USDC partners"
- Launch planned within 2026
Why It Matters
OUSD represents the most serious challenge yet to Tether and Circle's stablecoin duopoly. The consortium model — distributing reserve yields to partners — creates powerful economic incentives for adoption. But the Korean denial controversy raises questions about how "committed" the 140+ members actually are. Circle's stock dropped 17% on the news.