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Which networks is Open USD available on?

Open USD (OUSD) has begun trading as a challenger to Tether and Circle’s dominance in the dollar-pegged crypto asset market. The stablecoin went live on Wednesday on Ethereum, Solana, Coinbase’s Base network and Stripe-backed Tempo.

The launch comes in a stablecoin ecosystem worth more than $300 billion. With roughly $143 billion in USDT and $74 billion in USDC still the market’s main players, the new competition appears to be centered not just on issuance, but also on distribution, liquidity and use cases.

How is the revenue and ownership model structured?

Open Standard CEO Zach Abrams said OUSD is designed for banking, cross-border payments, card settlement, institutional trading and lending. Rather than concentrating stablecoin revenue and ownership in a single issuer, the company aims to spread both across the firms helping expand supply and transaction volume.

Under this model, founding partners will not receive any special revenue share. The incentive structure will operate like that of other partners, based on contributions to OUSD supply and transaction activity, while a significant portion of the company’s equity is planned to be distributed over the next 4-5 years to the parties helping grow the network.

Major liquidity commitments

The company’s first founding partners include Coinbase, Mastercard, Shopify, Stripe and Visa. These five companies were given equal initial stakes and have committed more than $1 billion to build OUSD liquidity in the coming months.

  • The investment amount and individual ownership share for each company were not disclosed.
  • The founding group is expected to expand to around 10-12 companies over time.
  • The board is intended to be made up of founding partners.

The network, announced in June with more than 140 partners, now reportedly includes more than 200 companies. Alongside BlackRock, BNY and Standard Chartered, recent additions to the ecosystem also include SBI Holdings, UBS and Jeeves.

What could the market impact and growth outlook be?

Open Standard’s initial announcement had sparked market concerns at Circle, particularly because major USDC-linked names such as Coinbase, Visa and Mastercard were joining a rival digital-dollar project. Still, some analysts questioned how quickly a structure made up of many companies, some of them competitors, could make decisions.

The company also plans to remove minting and burning fees for OUSD. Dan Romero, Tempo’s head of business development, projected that OUSD circulation could reach about $1 billion on the network within a few months and more than $10 billion by 2027, underscoring that liquidity depth is likely to become a key metric in the next phase of stablecoin competition.

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