Open Standard CEO Criticizes Stablecoin Hoarding, Proposes Revenue Sharing Based on Transaction Volume

ME News reports that on September 10 (UTC+8), Zach Abrams, Founder and CEO of Open Standard, tweeted that since the project announced Open Standard and Open USD this summer, it has received numerous inquiries from enterprises seeking collaboration. Stablecoins were meant to be a better dollar, but most companies use them merely to hold assets rather than for transactions. When businesses temporarily deploy idle funds, each “redemption” often incurs a fee of 5–10 basis points, erasing any potential gains; U.S. fintech companies, meanwhile, continue maintaining parallel systems for fiat and stablecoins due to fixed fiat transaction fees and the ability to invest reserves in money market funds. He also stated that Open Standard will incentivize usage rather than asset under management, distributing as much of the reserve yield as possible to developers integrating Open USD; it will charge developers a small transaction fee, measuring the company’s success by volume rather than fees; and it will not impose the typical burn or redemption fees seen in other stablecoins. (Source: Foresight News)