$OUSD has been live for two days. Its size is now approaching $670 million, making it a top-20 player by stablecoin market capitalization.
Originally, it claimed partnership with more than 140 companies. In the latest published list, the number has grown to 200+.
It doesn’t seem like it’s just marketing. I’ve seen people say that in the end it will only see limited adoption, similar to $PYUSD from PayPal.
I actually don’t think so.
Stablecoin adoption and distribution use cases are the first principles of the business model.
Even though I believe there are still some “extra numbers” in its partner list,
even if only a small portion is real, it will still create broader distribution scenarios (after all, many of them already control payment institutions with large customer and merchant bases).
On top of that, $PYUSD is just one product under PayPal, whereas the core business of Open Standard is to drive adoption of OUSD.
The development path ahead, based on what we can see now, is simply to keep expanding distribution use cases.
For these channels, after integrating OUSD, they can continue providing their existing services for receiving payments, exchanging, and making payments.
Meanwhile, the OUSD balances brought by their customers and the related usage activity can also give the channels additional revenue shares.
This revenue mainly comes from the interest generated by the U.S. dollar reserves behind the stablecoin.
(OUSD’s design is that, after deducting management fees, this portion of the收益 is distributed to the partner companies that help drive adoption.)
They can choose to keep this revenue themselves, or they can take part of it to subsidize customers to bring in more capital.
Referencing Circle’s business model, this revenue is constrained by interest rates. Even if the number of payment transactions increases, reserve interest will not grow proportionally.
So the appeal will differ for different channels.
But at least, the business motivation for promoting it is valid.
So far, Stripe has set OUSD on Tempo as the default stablecoin configuration and integrated it into the product’s checkout/payment flow.
For Stripe’s customers, it may be nothing more than enabling a payment service they were already using.
In the future, large-scale stablecoin adoption will happen when many users don’t even realize they’ve already started using stablecoins.
Originally, it claimed partnership with more than 140 companies. In the latest published list, the number has grown to 200+.
It doesn’t seem like it’s just marketing. I’ve seen people say that in the end it will only see limited adoption, similar to $PYUSD from PayPal.
I actually don’t think so.
Stablecoin adoption and distribution use cases are the first principles of the business model.
Even though I believe there are still some “extra numbers” in its partner list,
even if only a small portion is real, it will still create broader distribution scenarios (after all, many of them already control payment institutions with large customer and merchant bases).
On top of that, $PYUSD is just one product under PayPal, whereas the core business of Open Standard is to drive adoption of OUSD.
The development path ahead, based on what we can see now, is simply to keep expanding distribution use cases.
For these channels, after integrating OUSD, they can continue providing their existing services for receiving payments, exchanging, and making payments.
Meanwhile, the OUSD balances brought by their customers and the related usage activity can also give the channels additional revenue shares.
This revenue mainly comes from the interest generated by the U.S. dollar reserves behind the stablecoin.
(OUSD’s design is that, after deducting management fees, this portion of the收益 is distributed to the partner companies that help drive adoption.)
They can choose to keep this revenue themselves, or they can take part of it to subsidize customers to bring in more capital.
Referencing Circle’s business model, this revenue is constrained by interest rates. Even if the number of payment transactions increases, reserve interest will not grow proportionally.
So the appeal will differ for different channels.
But at least, the business motivation for promoting it is valid.
So far, Stripe has set OUSD on Tempo as the default stablecoin configuration and integrated it into the product’s checkout/payment flow.
For Stripe’s customers, it may be nothing more than enabling a payment service they were already using.
In the future, large-scale stablecoin adoption will happen when many users don’t even realize they’ve already started using stablecoins.
