A joint project for a dollar-based stablecoin with participation from global corporations such as Google and Visa and Mastercard, and 13 Korea corporations including Samsung Electronics, Shinhan Financial Group (Shinhan Financial Group), and Dunamu, has launched.
On the 30th (local time), the stablecoin consortium Open Standard unveiled the dollar-pegged stablecoin "Open USD (OUSD)" and said it plans to launch it within the year. Open Standard is an alliance of global corporations led by Visa, Mastercard, and Stripe.
In Korea, 13 are participating, including Samsung Electronics, Hanwha Group, Shinhan Financial Group, Dunamu, KB Kookmin Card, Kbank, Woori Card, KakaoBank, Samsung Card, Hana Card, Hyundai Card, BC Card, and NongHyup Card.
OUSD was launched jointly by 140 corporations in response to the need for a low-expense, high-throughput stablecoin for large-scale corporate use. It is reported that the decision to launch OUSD came from the idea that corporations with demand for stablecoins need a stablecoin network for their mutual benefit.
Participating corporations can issue and redeem OUSD for free. Under the operating model, OUSD partners form a board and all take part in decision-making for the common good. Fee revenue, minus a small management fee, is shared among the participating corporations. Currently, most dollar-based stablecoins allow the issuer to take the interest revenue generated by managing the reserves.