StableCoin

OUSD (Open Standard), USDC (Circle), and USDT (Tether) differ fundamentally in governance and economic models. OUSD employs collaborative governance through a partner board, offers zero mint/redeem fees, and allocates reserve yields to ecosystem partners. In contrast, USDC and USDT are managed by single issuers who make unilateral decisions, generally impose mint/redeem fees, and retain reserve yields for themselves. While all three stablecoins are pegged to the US dollar, their mechanisms serve different roles in large-scale enterprise capital flows.

OUSD minting and redemption feature zero mint/redeem fees at their core. The process works as follows: USD deposits undergo compliance review, after which reserves are held at leading financial institutions in the United States. OUSD is then minted on-chain at a 1:1 ratio. For redemption, the on-chain tokens are burned and an equivalent amount of USD is released. The launch is scheduled for this year, with support for multi-chain deployment across Solana, Base, Sui, Tempo, and other networks.

Open USD (OUSD)'s partner rendement mechanism centers on the Earn by default principle: reserve returns, after subtracting a nominal Open Standard management fee, are allocated to ecosystem partners who facilitate network adoption. This approach transitions Stablecoin economics from "issuers exclusively receive reserve interest" to "adopters collectively benefit from reserve returns," establishing the OUSD framework alongside Build for scale and Govern collaboratively.

Integrating Open USD means adopting OUSD as a core transactional asset layer on a platform or service, selecting modules by role (financial institution, PSP, exchange, or platform), and completing mint/redeem, settlement, and compliance connectivity. Joining Open Standard provides technical documentation, integration support, and eligibility for Hold, Mint, and Accept-based revenue sharing; after launch, reserve disclosures and on-chain reconciliation verify operational status.

Open USD (OUSD) is a stablecoin pegged 1:1 to the US dollar, developed and managed by Open Standard to serve global enterprise capital flow needs. OUSD is designed as an open, cost-efficient, and high-throughput stablecoin infrastructure, enabling adoption across payment networks, financial institutions, fintech companies, and blockchain platforms.

As stablecoins increasingly move beyond the cryptocurrency market into cross-border payments, corporate settlements, and global financial services, payment infrastructure becomes ever more critical. Tempo, a Layer 1 blockchain dedicated to stablecoin payments, is building a payment ecosystem alongside Stripe, MoneyGram, and Visa to drive blockchain technology toward real-world commercial adoption.

As stablecoins increasingly expand from the cryptocurrency market into enterprise payments, cross-border remittances, and global commercial settlement, market attention is turning to the blockchain infrastructure powering these applications. Tempo, a Layer 1 blockchain purpose-built for stablecoin payments, seeks to improve traditional cross-border payment flows with efficient Operar validation, enterprise-grade payment architecture, and privacy safeguards.

Issued by Anchorage Digital Bank on Solana and integrated with Western Union's cash-out network, USDPT, USDC is natively issued across multiple chains by Circle's regulated entity, with a focus on institutional and DeFi liquidity, while USDT circulates on multiple chains via Tether, emphasizing Operar settlement. All three stablecoins share a similar pegging mechanism, differing only in issuer, chain coverage, and redemption channels.

U.S. Dollar Payment Token (USDPT) is issued on the Solana blockchain by Anchorage Digital Bank, N.A., a federally chartered national trust bank in the United States. Each USDPT is backed by an equivalent amount of U.S. dollar reserves. Western Union manages the distribution of the Digital Asset Network and the global cash-out network, with plans to cover exchanges, cash-outs at Western Union agent locations, self-custody wallets paired with Visa cards, and remittance collection; USDPT is not insured by the FDIC or guaranteed by the U.S. government.

The on-chain issuance and redemption of USDPT are exclusively carried out by OCC-chartered Anchorage Digital Bank, N.A.: once a USD deposit is confirmed, SPL tokens are minted on Solana at a 1:1 rate; upon redemption, the on-chain tokens are burned and equivalent USD reserves are released; Western Union manages the distribution and cash-out network and does not serve as the issuer; USDPT is not insured by the FDIC or guaranteed by the U.S. government.

The USDPT redemption process can be summarized in four steps: Obtain USDPT from a partner exchange → Hold or transfer it on the Solana blockchain → Submit a redemption request through the Digital Asset Network → Collect local fiat currency at Western Union agent locations. Anchorage Digital Bank manages minting and reserves, while Western Union handles distribution and in-person cash-out; availability of each step varies by market permission/license, and USDPT is not covered by FDIC insurance.

For each USDPT issued, Anchorage Digital Bank must hold an equivalent amount of U.S. dollar reserves, with its assets primarily consisting of demand deposits, U.S. Treasury bills, and cash equivalents. The 1:1 peg represents a nominal value relationship, maintained via a minting and redemption mechanism. USDPT is not covered by FDIC insurance, nor is it backed by the U.S. Department of the Treasury or the Federal Reserve.

Tempo is a Layer 1 blockchain jointly developed by Stripe and Paradigm, specializing in stablecoin payments, cross-border remittances, and enterprise fund settlement. MoneyGram recently joined Tempo as a remittance verification node, further advancing the integration of stablecoins into global payment infrastructure.

Western Union's traditional remittance process relies primarily on fiat funding, correspondent bank clearing, and bank channels like SWIFT, with settlement subject to business hours and correspondent bank chain dependencies. USDPT remittance first executes the transfer of dollar-pegged tokens on the Solana blockchain, then connects to Western Union's global cash-out network via the Digital Asset Network. Both paths share KYC/AML compliance requirements but differ in the number of intermediate steps, on-chain traceability, and 24/7 settlement capability.

The Global Dollar Network (GDN) is a USD stablecoin ecosystem launched by Paxos alongside multiple industry partners. Its primary circulating token is Global Dollar (USDG). By connecting issuers, platforms, and merchants, GDN redefines how stablecoin yield is distributed, driving the adoption of prudentially regulated stablecoins across payments, settlements, and on-chain use cases.