Open Standard CEO Says Stablecoins Tend to Hoard, Open USD Plans Revenue Sharing Based on Transaction Volume
Prefer us on GoogleZach Abrams, the founder and CEO of Open Standard, stated that since the announcement of Open Standard and Open USD, there has been a significant influx of inquiries from businesses for collaboration. Stablecoins were supposed to serve as a better dollar, but most companies use them merely for asset storage rather than for transactions. When companies temporarily deploy idle funds, each redemption incurs a fee of 5 to 10 basis points, resulting in costs that outweigh the benefits. U.S. fintech companies continue to maintain both fiat and stablecoin systems due to fixed fiat transaction fees and the ability to invest reserves in money market funds. Abrams also mentioned that Open Standard will incentivize usage rather than asset management scale, aiming to distribute reserve earnings to developers integrating with Open USD; by charging developers a small transaction fee, the company's success will be measured by transaction volume, without imposing the common destruction or redemption fees associated with other stablecoins.
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