Open Standard CEO Zach Abrams said the company is not a consortium run by hundreds of participants, according to CoinDesk. Instead, day-to-day operations are handled by management, while a smaller group of founding partners holds ownership and governance rights. Other partners are rewarded based on how much they help expand OUSD supply and trading activity.
Abrams said Coinbase, Mastercard, Shopify, Stripe, and Visa have invested as the first five founding partners and each received an equal share of the initial equity. He added that the five companies have committed more than $1 billion over the coming months to build liquidity for OUSD, though the exact amount invested by each firm and their individual ownership stakes were not disclosed.
At present, those five companies are Open Standard’s only investors. Abrams said the number of founding partners is expected to grow to around 10 to 12, with plans to form a board made up of those founding partners. He also said the number of partners planning to integrate OUSD has risen from more than 140 in June this year to more than 200, with SBI Holdings, UBS, and fintech company Jeeves among the latest additions.
Open Standard is not a consortium jointly governed by hundreds of participants, CEO Zach Abrams said, according to CoinDesk. He said the company’s day-to-day operations are handled by management, while a smaller group of founding partners holds ownership and governance rights. Other partners are rewarded based on their contribution to expanding OUSD supply and trading activity.
Five founding partners have invested
Abrams said Coinbase, Mastercard, Shopify, Stripe, and Visa have invested as the first five founding partners, with each receiving an equal share of the initial equity. Those five companies are currently the only investors in Open Standard.
He added that the five firms have committed more than $1 billion over the coming months to build liquidity for OUSD. The exact amount invested by each company and their ownership stakes were not disclosed.
Founding partner group may expand
Abrams said he expects the number of founding partners to increase to around 10 to 12 in the future. The company also plans to establish a board made up of founding partners.
OUSD integration pipeline has grown
At the same time, the number of partners planning to integrate OUSD has increased from more than 140 in June this year to more than 200. The latest additions include SBI Holdings, UBS, and fintech company Jeeves.
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