Stripe files South Korea trademarks for Open USD stablecoin

Stripe has filed trademark applications in South Korea for "Open USD" and "Open Standard," expanding the legal groundwork for a stablecoin initiative that has drawn more than 140 companies into what may be the most serious challenge yet to the dominance of existing dollar-pegged tokens.

A Global Stablecoin Push Enters Asia

The trademark filings, reported on July 9, signal Stripe's intent to formalize its stablecoin ecosystem in one of Asia's largest digital payments markets. The move is notable because 13 South Korean firms — including Shinhan Financial, K Bank, Kakao Bank, Samsung Electronics, and Dunamu — are listed as Open Standard partners, though some have disputed the characterization of their involvement.bitget+2

Open Standard, the independent company behind Open USD, announced its stablecoin on June 30 with a roster of founding partners that includes Visa ↗ 0.22%, Mastercard ↗ 0.68%, BlackRock ↗ 1.61%, Coinbase ↗ 0.40%, BNY The Bank of New York Mellon Corporation ↘ 0.22%, Google parent Alphabet ↘ 0.34%, Shopify ↘ 0.51%, and American Express ↗ 1.11%. The token, which will trade under the ticker OUSD, is set to launch later in 2026 natively on Solana before expanding to other blockchains.bitcoinfoundation+3

Challenging Circle's Economics

The consortium's structure takes direct aim at Circle ↗ 4.97%, which earns revenue from the reserves backing its USDC stablecoin. Open USD promises free minting and redemption with no volume caps, returning nearly all reserve income to partners after a small management fee. Circle's shares fell sharply after the announcement, with CoinDesk reporting an 8% decline on the day of the unveiling.fortune+2

Coinbase's participation is particularly pointed. The exchange currently shares USDC reserve revenue with Circle under a deal worth an estimated $908 million that is up for renegotiation. By joining a rival consortium, Coinbase has positioned itself to extract better terms — or walk away entirely.thirdweb+1

Bridge Builder at the Helm

Open Standard is led by interim CEO Zach Abrams, co-founder of Bridge, the stablecoin infrastructure company Stripe acquired for $1.1 billion in 2025. Stripe itself plans to make OUSD the default stablecoin across its commerce platform, which processed $1.9 trillion in payment volume last year. The project operates under the regulatory framework established by the GENIUS Act, signed into law by President Trump in July 2025.wellesleyhillsfinancial+4