Hecto Financial Joins Global Stablecoin 'OpenUSD'
Hecto Financial will participate in OpenStandard in the United States.
According to Hecto Financial on October 1, OpenStandard is a global corporate alliance for the dollar-based stablecoin "OpenUSD (OUSD)," with more than 160 global companies participating, including Visa, Mastercard, Stripe, and Coinbase.
With its participation in OpenStandard, Hecto Financial will be able to expand its global stablecoin payment and settlement infrastructure beyond Circle's global payment network CPN (Circle Payments Network) to include OUSD, enabling the company to offer a wider variety of global payment infrastructure options for corporate clients depending on their transaction needs and countries.
Hecto Financial is joining as a network partner of OpenStandard, leveraging its cross-border payment capabilities built through the reliable provision of foreign exchange and overseas remittance services to global companies. Hecto Financial plans to utilize OUSD for overseas remittances and corporate payment and settlement, aiming to make international remittance and settlement procedures faster and more efficient. The company is also reviewing ways to use OUSD in compliance with regulations across a diverse range of business areas for corporate clients, including B2B payments, remittances, and treasury management.
OpenStandard is characterized by its open structure, where multiple global companies participate together in building the ecosystem, rather than being operated exclusively by a single company. Network partner companies pay no separate issuance or redemption fees when issuing or converting OUSD to dollars and share in profits related to the expansion of OUSD usage. Hecto Financial plans to explore new revenue models by contributing to the growth of OUSD transactions, payments, and settlements both domestically and internationally.
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Choi Jongwon, CEO of Hecto Financial, stated, "The global payment market is rapidly evolving toward connecting traditional financial networks and stablecoins. With the expansion of our global networks through both Circle CPN and OpenStandard, we plan to build infrastructure that enables domestic and international companies to utilize a range of stablecoins for more efficient global payments and settlements."
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