727 FinancePANews reported on September 25 that Open Standard issued a document updating its company structure and leadership team. Coinbase, Mastercard, Shopify, Stripe and Visa will join as initial founding partners. Partners will invest in the company and help build OUSD supply, providing over $1 billion in near-term launch liquidity. The company expects to add a limited number of additional founding partners soon. After OUSD is launched, founders and participating partners can obtain equity based on the supply and activities brought by its platform. In the future, the founders will form a board of directors representing shareholders. The company is committed to building a native currency for the Internet, and its stable currency Open USD (OUSD) is targeted at banking, cross-border payments, settlements, institutional transactions and other scenarios.
Additionally, Zach Abrams will serve as the company's full-time CEO. Prior to founding Bridge, a stablecoin orchestration and issuance platform, Zach led product teams at top fintech companies such as Square, Coinbase, and Brex. Zach has been leading both Bridge and Open Standard over the past few months; moving forward, he will shift his focus entirely to Open Standard.