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Hecto Financial joins global stablecoin OpenUSD alliance, expands payment infrastructure

Hecto Financial will join Open Standard, a global corporate alliance for the dollar-based stablecoin OpenUSD (OUSD), as a network partner, it said on Wednesday. The alliance includes about 160 companies such as Visa, Mastercard, Stripe and Coinbase. Hecto Financial said it is reviewing plans to use OUSD for overseas remittances and corporate payments and settlement, and to offer different infrastructures such as Circle Payments Network and OUSD depending on clients and countries.

Crypto

Tech Insight: Why stablecoins still are not used like money despite being super infrastructure

Zach Abrams, founder and CEO of stablecoin issuer Open Standard, said stablecoins can be as stable as cash, profitable and transferable online, but are not being used effectively for transactions. He cited hurdles in card settlement, institutional trading, corporate treasury management and fintech infrastructure. Abrams said Open Standard is focused on solving these issues with OpenUSD by sharing reserve income, charging small per-transaction fees and imposing no withdrawal fee.

Crypto

JPMorgan hints at possible in-house stablecoin issuance; customer demand and regulation are variables

JPMorgan has left open the possibility of issuing its own stablecoin in the future. It said it has no current plan to launch one, but could review related options depending on customer demand and changes in the regulatory environment. The bank already operates JPM Coin, a digital deposit token for institutional clients, which it said differs structurally from stablecoins. Interest is growing among U.S. banks in pursuing stablecoin projects, including consortium efforts such as OpenUSD.