Open Standard Takes Shape as Major Stablecoin Player

Open Standard, a stablecoin consortium backed by over 140 partners, has taken significant steps to formalize its governance structure and leadership. The move comes as the company prepares to launch its stablecoin, OpenUSD, later this year.

The founding partners of Open Standard include major players such as Coinbase, Mastercard, Shopify, Stripe, and Visa, which have pledged to invest more than $1 billion in establishing the OpenUSD supply.

According to Vasundhara Govil, an analyst at Keefe Bruyette and Woods, the update demonstrates increasing strategic commitment behind the initiative. Govil views Open Standard as an emerging competitive threat for USDC, citing its wide distribution network and shared economics model that allows banks to earn revenue.

Zach Abrams, who has been leading Bridge as CEO and serving as interim CEO of Open Standard, will transition to become Open Standard's full-time CEO. The company is looking to deploy its stablecoin for various use cases, including settlement, institutional trading, corporate treasury, and fintech and neobank infrastructure.

Abrams described stablecoins as 'superinfrastructure' that can generate strong economics while moving over the internet like any other piece of data. He aims to make OpenUSD a viable alternative to traditional fiat currencies for businesses.