KB News Desk
Korean financial institutions have joined a global consortium backing Open USD, a new dollar-pegged stablecoin aimed at business payments and cross-border transactions.
Open Standard, the independent company behind the project, said Tuesday it plans to launch Open USD later this year with support from more than 140 companies spanning payments, banking, asset management, technology and crypto.
Founding participants include major global names such as Visa, Mastercard, Stripe, BlackRock, BNY, Standard Chartered, Google and Coinbase.
Korean participants include Shinhan Financial Group, KB Kookmin Card, Hanwha Life, K Bank, Woori Card, Kakao Bank, Samsung Card, Hana Card, Hyundai Card, BC Card and NongHyup Card. Samsung Electronics and Dunamu are also participating.
Open Standard said businesses will be able to mint and redeem Open USD without fees or volume restrictions. Most reserve income will be distributed to participating companies after a management fee, while governance will be overseen by a board of members rather than a single issuer.
“Existing stablecoins have many strengths, but businesses need something that is open, low-cost and aligned with their interests,” Open Standard Chief Executive Officer Zach Abrams said.
The project comes as competition in stablecoins shifts from crypto trading toward real-world payments and enterprise adoption.
Industry observers say Open USD could challenge the dominance of Tether and USD Coin, which together account for more than 80 percent of the roughly $311 billion stablecoin market.
The announcement appeared to unsettle investors. Shares of Circle Internet Group fell 17 percent in US trading Tuesday amid concerns that Open USD could undermine USD Coin’s enterprise ambitions.
For Korea, the broad participation suggests local financial and technology companies are looking beyond domestic discussions over won-backed stablecoins and positioning themselves in the emerging global network of dollar-denominated digital payments.
