Samsung Electronics and Google Join Forces, Leading Stock Plunges 17%... Will 140 Giant Companies Reshape the Coin Market? [Bitcoin Now]

OpenUSD, a Dollar-Based Stablecoin, to Launch This Year
Over 140 Global Financial and Big Tech Companies Join the Consortium
Stablecoin Competitiveness Shifts from Issuance to Distribution

More than 140 global finance and technology companies have joined forces to enter the stablecoin market, signaling a major shift in the sector. Industry forecasts suggest that Korean stablecoins will likely follow suit, moving towards a consortium-based model that combines both issuance and distribution functions.

On June 30, the Stablecoin Consortium Open Standard announced plans to collaborate with over 140 companies to launch a new dollar stablecoin, OpenUSD (OUSD), in the second half of this year. Among the 140+ participating companies are Visa, BlackRock, Stripe, Mastercard, Cloudflare, Google, Shopify, Coinbase, OKX, and Ripple. Korean firms including Samsung Electronics, Hanwha Group, Shinhan Financial Group, Dunamu, and KakaoBank have also joined the roster.

Following the announcement by Open Standard, shares of Circle, a leading stablecoin company, fell by more than 17%. This reflected market concerns that a new competitor could fundamentally change the landscape of the stablecoin market.

Currently, Tether (USDT) and Circle (USDC) dominate the market with a business model in which the issuer exclusively profits from reserve management. In contrast, OUSD features a "profit sharing" model. Rather than monopolizing the interest income generated from the collateral assets backing the stablecoin (such as U.S. Treasury bonds), most of the profits will be distributed to partner companies that help distribute and settle OUSD within the network. Furthermore, member companies of the consortium will be able to transact without separate issuance or redemption fees. Unlike conventional stablecoins controlled by a single entity, OUSD will be managed by a board composed of participating companies, following a joint governance model.

Saehee Kim, a researcher at Eugene Investment & Securities, explained, “Key features of OUSD include zero issuance and redemption fees, an unlimited issuance cap, and unconditional profit sharing among participating partners, making it a structure that prioritizes distribution network expansion over maximizing issuance profits. This strategy precisely reflects the fact that the competitiveness of the stablecoin industry lies in regulatory eligibility, distribution networks, and securing use cases rather than in technology.” She added, “Given that global payment infrastructure companies such as Stripe, Visa, and Mastercard are participating as shareholders and beneficiaries, OUSD is likely to become a strong competitor to USDC, which is positioning itself as the default standard for AI agent payments.”

The rise of OUSD is expected to heighten the emphasis on distribution competitiveness in the stablecoin sector. Yoonyoung Choi, a researcher at Hanwha Investment & Securities, said, “OUSD has adopted a structure that shares reserve income with its partners, thereby strengthening incentives for banks, payment companies, and exchanges to participate. Going forward, having a robust distribution and payment network will be the key source of competitiveness in the stablecoin market.”

Some analysts note that OUSD may not pose an immediate threat to Circle’s USDC. Choi commented, “Considering USDC’s liquidity, regulatory licensing, and level of DeFi integration, its market standing is unlikely to be disrupted in the short term. The key to OUSD’s success will be how actively the participating companies incorporate OUSD into their payment, remittance, and trading services.” Similarly, Sungwook Hong, a researcher at NH Investment & Securities, remarked, “Concerns that OUSD will cause USDC to lose market share rapidly seem premature. With USDC’s existing liquidity, a supply exceeding $73 billion, and first-mover advantages, it cannot be easily displaced. While major companies have been listed as partners, the extent to which they will be actively involved remains uncertain.”

The launch of OUSD is also expected to influence the Korean won-based stablecoin market. Junho Lee, a researcher at Hana Securities, stated, “We can draw implications for the future of Korean won stablecoins from OUSD’s structure. In the evolving stablecoin market, the identity of the issuer will become less relevant, and distribution competitiveness through partnerships will be the critical factor. Although Korea does not yet have a comprehensive digital asset law, discussions for consortium-based issuance are already underway, and the market is likely to develop along models similar to OUSD.”

Kim also noted, “In the Korean won stablecoin market, operators with actual use cases and distribution networks will have greater bargaining power than issuers. A consortium-led model that integrates issuance and distribution functions—uniting banks, card companies, exchanges, and big tech—is likely to become the predominant approach.”

This content was produced with the assistance of AI translation services.