OUSD Fake Partnership Controversy? Stablecoins and the Credit Game of Giant Endorsements
Author: Chloe, ChainCatcher
Last week, Open Standard launched the dollar stablecoin OpenUSD (OUSD) with a list of over 140 supposedly supporting companies, including major names like Visa, Mastercard, Stripe, American Express, BlackRock, BNY, Standard Chartered, Google, Shopify, Samsung, Coinbase, Solana, and Ripple. The announcement initially impacted Circle's stock price, but doubts about the list quickly emerged.
Several Korean firms named, including Samsung Electronics, Shinhan Financial Group, Dunamu (Upbit's parent), and K Bank, clarified they had not formally agreed to join the alliance. Some stated they were only approached for potential interest or learned of their inclusion from news reports, expressing surprise. Similar concerns were raised by U.S. entities, suggesting the list may be misleading.
OUSD, led by Zach Abrams of Bridge (acquired by Stripe in 2024), promotes zero-fee minting/redemption, no transaction limits, and sharing reserve asset yields with partners instead of keeping profits. However, this model makes listed partnership imply economic benefits, turning it into a serious credibility issue.
This incident reflects a common crypto marketing tactic of leveraging big names. A Chainstory analysis found over 62% of crypto press releases in late 2025 were high-risk or scams. The situation recalls Facebook's Libra (later Diem), which collapsed in 2022 after initial heavyweight backers like Visa and PayPal withdrew under regulatory pressure.
Circle CEO Jeremy Allaire welcomed the competition but highlighted the challenges. He argued stablecoin success relies on network effects and real usage, not just alliances. He criticized OUSD's "free" model and full revenue sharing as potentially starving infrastructure development. Noting the dominance of USDT (~$1.84T) and USDC (~$730B) in the ~$2.91T stablecoin market, he suggested many new entrants lack real utility despite inflated circulation from incentives.
In conclusion, while OUSD has genuine backing and a distinct model, its future depends on actual adoption in B2B payments, settlements, and cross-border transactions, not just a prestigious partner list. The market will determine if it is a credible challenger or merely another marketing promise.
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