Original author: Eric, Foresight News

On the evening of June 30, Beijing time, the emergence of a new stablecoin once again stirred the landscape of stablecoins.

A company named Open Standard announced the launch of the stablecoin Open USD, featuring free minting and redemption, sharing of reserve asset yields, and collaborative governance among partners. These open designs directly address the pain points of stablecoin distribution, and they appear to be very attractive.

What surprised the market the most is that Open Standard had already "secured" over 140 partners before the stablecoin's launch.

This list includes several companies that have already issued stablecoins, such as Western Union, Ripple, MetaMask, Aave, and others. Being able to gather signatures from so many giants in the Web3 and traditional finance sectors before the stablecoin's issuance made the market surprised yet filled with expectations for the future development of Open USD. The most evident expression of this expectation was reflected in the stock price of Circle, the first public stablecoin company, which plunged 17.55% that day, leaving less than a 20% margin to its new low.

However, this explosive announcement was soon contradicted.

On July 3, according to The Chosun Ilbo, some companies such as Samsung Electronics, Dunamu (the parent company of Upbit), Shinhan Financial Group, and K Bank stated that they had never negotiated any matters related to Open USD (OUSD). A relevant person from Samsung Electronics said, "We did not have formal negotiations and do not know what role we would assume (in the alliance)." Shinhan Financial Holdings, Dunamu, and K Bank also stated that Open Standard had inquired about their willingness to participate in OUSD, but they only indicated that they would conduct simple discussions, yet their names were included in the alliance member list.

The BD manager of South Korean Web3 media Blockmedia, Tony Chung, mentioned that a representative from one of the South Korean companies said they learned they were on the list from South Korean media reports and felt very confused because they had just casually replied, "If feasible, we would consider it."

The founder and CEO of OpenAssets, Gabor Gurbacs, retweeted Tony Chung's post and indicated that the only companies being deceived were not just those from South Korea. By contacting some clients of OpenAssets on the list, Gabor Gurbacs received responses stating, "They said they have never signed or agreed to any agreement. Either the media has severely distorted the facts, or the participant list is misleading."

It seems that Open Standard's "hundred-member list" may have mixed in some companies that merely had contact. In the original announcement, Open Standard’s text stated: "Businesses across industries have signed up to use Open USD." Perhaps in Open Standard's view, not explicitly rejecting means "agreeing" to use Open USD, but agreeing to use does not mean "must use."

This is a very typical marketing tactic that exchanges controversy for eyeballs, and it indeed had some effect, although it gives off a hint of rubbing commercial ethics in the dirt.

Faced with such aggressive attacks and an opponent that plays "dirty," Circle co-founder and CEO Jeremy Allaire published a lengthy article on X questioning the "three main features" of Open USD:

Free minting and burning: attractive in the short term, but may be unsustainable on a large scale and could lead to a lack of funds for maintaining bank relationships, regulatory licenses, and technological infrastructure. Circle already offers discounts through contracts for major partners instead of being wholly free.

Almost all profits shared with partners: may "starve" infrastructure, leading to systemic investment shortages and limited platform scaling. Circle itself shares a significant portion of revenue with distribution partners.

Alliance/multi-company governance: Circle previously co-founded the Centre Consortium with Coinbase, which later integrated into Circle’s separate issuance. He believes the historical record of scaling multi-company products is "very poor" (slow coordination, difficult decision-making).

Jeremy also expressed a welcoming attitude towards OUSD joining the "stablecoin family," but the undertone of his article conveyed a single point: stablecoins are a business that creates a winner-takes-all situation through time accumulation, and just modifying a few mechanisms won't allow one to "sit at the table."

In addition to these negative controversies, some companies on the list have clearly stated their support for the development of Open USD. Stripe indicated that it would make OUSD the default stablecoin for businesses using stablecoins on Stripe; Coinbase also announced plans to integrate OUSD into Base and other chains, scheduled for release later in 2026, to expand scenarios like on-chain transactions, payments, and DeFi.

Payment network giants like Visa and Mastercard, financial institutions like BlackRock and Bank of New York Mellon, as well as crypto native projects like Aave, Solana, and Ripple all expressed their support but have not yet specified specific ways of cooperation.

According to the announcement, the founding CEO of Open Standard is the CEO of Bridge. This Bridge is the one that reached collaborations with several competitors in the competition over the issuance rights of Hyperliquid’s native stablecoin USDH but had its acquisition by Stripe, which is developing the stablecoin chain Tempo, causing disputes about fiat deposit and withdrawal solutions. After the announcement of Open Standard, Stripe quickly clarified its cooperative relationship, indicating close ties between the two.

A user named Bojan on X stated that Open Standard's promotion is a typical act of "legitimacy-borrowing," which means quickly improving one's legitimacy and credibility by borrowing the reputation or endorsement of other well-known, reliable entities, while not genuinely obtaining deep recognition or formal authorization from them. For a stablecoin sector that requires trust as its foundation, OUSD seems to have left some negative first impressions before its launch.

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