Open Standard Stablecoin Consortium Takes Shape with Governance Structure and Leadership in Place
Open Standard, a stablecoin consortium formed by over 140 partners, has taken significant steps towards launching its stablecoin, OpenUSD. The company has formalized its governance structure, founding partners, and leadership, which includes Zach Abrams as its full-time CEO.
The update is seen as a major development in the stablecoin space, with analysts noting that Open Standard's wide distribution network and shared economics model make it an emerging competitive threat to USDC. The consortium has secured investments of over $1 billion from its founding partners, including Coinbase, Mastercard, Shopify, Stripe, and Visa.
The stablecoin will be used for a range of purposes, including settlement, institutional trading, corporate treasury, and fintech and neobank infrastructure, as per partner feedback. Abrams has stated that the goal is to make OpenUSD usable in every way businesses use fiat currency today.