Product Keynote: OSL (Eugene Cheung)

Hong Kong's first licensed crypto exchange just announced a major play in the stablecoin space—and it's built on Solana. At Breakpoint 2025, Eugene Cheung from OSL revealed USDGO, a regulated stablecoin platform designed to eliminate what he calls the "invisible tax" on global money movement.

Summary

OSL has officially launched USDGO, positioning it not as just another stablecoin, but as a comprehensive regulated infrastructure platform aimed at helping businesses and institutions move money globally with dramatically reduced friction. The platform addresses a fundamental problem: while over half a billion people now hold cryptocurrency and stablecoins process trillions of dollars annually, the systems connecting these digital assets to the real world remain frustratingly outdated.

The announcement comes with a significant partnership. Anchorage, the first federally chartered national crypto bank in the United States, will handle the issuance, custody, and distribution of USDGO, ensuring the stablecoin remains fully compliant and backed one-to-one. OSL will focus on real-world integration, liquidity provision, and connecting the stablecoin infrastructure to practical business applications.

Rather than competing with existing stablecoins, OSL's strategy is to build infrastructure that makes all stablecoins more usable at scale. Their regulatory credentials are substantial—as the first licensed exchange in Hong Kong and through their acquisition of Bitfinex's payment arm, they now hold 50 licenses across 10 different regions globally. This regulatory footprint allows them to bridge traditional banking systems with blockchain-based instant settlement.

Key Points:

The "Invisible Tax" Problem

Eugene Cheung opened with a frustration familiar to any business operating internationally: moving money across borders is expensive, slow, and complex. The process of sending money to overseas customers, opening bank accounts in new countries, or making cross-border payments that need timely clearing involves significant friction. This includes waiting times, currency spreads, multiple intermediaries, and manual compliance checks.

Cheung argues this isn't because money itself is broken, but because the underlying financial infrastructure is outdated. Traditional banking rails were designed for a different era and have failed to evolve alongside global commerce. This friction represents a hidden cost—an "invisible tax"—that businesses pay every time they need to move money internationally.

USDGO: Infrastructure, Not Just Currency

OSL's core message is that USDGO represents a new architecture for money rather than simply a new digital currency. The platform is designed as regulated stablecoin infrastructure that enables businesses and institutions to move money more efficiently with better user experience.

The platform launches with robust institutional backing through the Anchorage partnership. As America's first federally chartered crypto bank, Anchorage brings the regulatory credibility and banking infrastructure necessary for institutional adoption. They will manage the issuance process, custody of reserves, and initial distribution, ensuring USDGO maintains full backing and compliance with relevant regulations.

Why Solana?

OSL selected Solana as the preferred blockchain for USDGO, citing several technical advantages essential for global payment infrastructure. High performance processing capability enables the speed required for real-time settlement. Lower transaction fees make micropayments and high-volume business transactions economically viable.

Beyond technical specifications, Cheung highlighted Solana's strong community and proven reliability at global scale as key factors. For a platform aiming to connect traditional finance with blockchain-based settlement, the underlying infrastructure must be battle-tested and capable of handling institutional-grade transaction volumes without compromising on speed or cost.

Global Regulatory Coverage

OSL's regulatory position represents one of its strongest competitive advantages. As Hong Kong's first licensed cryptocurrency exchange, they established credibility in one of Asia's most important financial centers. Their acquisition of payment infrastructure brings an additional 50 licenses and regulatory approvals across 10 regions globally.

This extensive licensing network enables something critical for enterprise adoption: the ability to connect traditional banks with blockchain-based instant settlement legally and compliantly. For businesses hesitant about cryptocurrency due to regulatory uncertainty, OSL's licensed status in multiple jurisdictions provides a compliant pathway into stablecoin infrastructure.

The Business Play Platform

OSL is packaging its stablecoin infrastructure into what they call the "OSL Business Play"—a turnkey solution for business owners and institutional users. Rather than requiring deep blockchain expertise, businesses can simply plug into OSL's service and gain access to lower transaction costs, yield opportunities, and improved liquidity.

This approach recognizes that most businesses don't want to become crypto experts; they want solutions to real problems like expensive cross-border payments. By abstracting away blockchain complexity while maintaining the benefits of stablecoin efficiency, OSL aims to make adoption straightforward for traditional enterprises.

Facts + Figures

• Over half a billion people globally now hold cryptocurrency
• Stablecoins currently facilitate multi-trillion dollar trading volumes annually
• Anchorage is the first federally chartered national crypto bank in the United States
• OSL holds the first cryptocurrency exchange license in Hong Kong
• Through the Bitfinex payment infrastructure acquisition, OSL now controls 50 licenses across 10 regions globally
• USDGO is fully backed and one-to-one reserve guaranteed
• Solana was selected as the preferred blockchain partner for the USDGO infrastructure
• OSL describes itself as both a licensed exchange and a global payment platform

Top Quotes

"Stablecoins are not a new currency. They're actually a new architecture for money."

"The world and businesses don't actually need another currency. They actually need a new architecture."

"We are not just launching another stablecoin. What we try to do is launch a regulated stablecoin platform."

"We actually are not trying to compete with any other stablecoin. What we try to do is build a stablecoin infrastructure that can work for everybody."

"The next decade of finance is not defined by a single token or a single currency. It's actually defined by a new architecture that can finally remove the invisible tax when we try to move money."

"We believe that stablecoin is the default trail that can move all the assets across payment, trading, treasury, and custody."

"We are building this future not only as a crypto exchange, but as a licensed global payment platform powered by blockchain."

Questions Answered

What is USDGO and how is it different from other stablecoins?

USDGO is a regulated stablecoin platform launched by OSL, designed specifically as payment infrastructure for businesses and institutions rather than simply as another digital dollar token. The key differentiator is that OSL has built USDGO as part of a comprehensive ecosystem that includes banking connections, regulatory compliance across multiple jurisdictions, and real-world business integration tools. While many stablecoins focus on being digital dollars, USDGO focuses on being the infrastructure that makes moving those digital dollars practical for enterprise use cases.

Who is backing USDGO and ensuring it's safe?

USDGO is backed through a partnership with Anchorage, which holds the distinction of being the first federally chartered national crypto bank in the United States. Anchorage handles the issuance, custody, and distribution of USDGO, ensuring that every token is fully backed one-to-one with reserves. This partnership provides institutional-grade security and regulatory compliance, addressing one of the primary concerns businesses have when considering stablecoin adoption. The combination of OSL's exchange licenses and Anchorage's banking charter creates a robust regulatory foundation.

Why did OSL choose Solana for USDGO?

OSL selected Solana as their preferred blockchain because global payment infrastructure requires specific technical capabilities that Solana delivers. High-performance transaction processing enables real-time settlement speeds necessary for business applications. Low transaction fees make the platform economically viable for high-volume and smaller-value transactions alike. Cheung also cited Solana's strong community ecosystem and proven track record of reliability at global scale as important factors, suggesting that technical performance alone wasn't sufficient—proven operational stability was equally crucial.

How does USDGO help with cross-border payments?

USDGO addresses the "invisible tax" on international money movement by replacing slow, expensive traditional banking infrastructure with blockchain-based instant settlement. Traditional cross-border payments involve multiple intermediaries, currency conversions with unfavorable spreads, waiting periods for clearing, and manual compliance checks. OSL's infrastructure connects banks directly with blockchain settlement, enabling faster transactions at lower costs. With regulatory licenses across 10 regions, USDGO can legally facilitate these movements where traditional crypto rails might face compliance barriers.

Is OSL trying to replace existing stablecoins?

No, OSL explicitly stated they are not competing with other stablecoins. Their strategy is to build infrastructure that makes all stablecoins more usable at greater scale. By focusing on the connections between stablecoins and traditional finance—banking integrations, regulatory compliance, business tools—OSL aims to expand the overall utility of stablecoin technology rather than capture market share from existing tokens. This collaborative positioning could help USDGO integrate more smoothly into the existing cryptocurrency ecosystem.

What regulatory credentials does OSL have?

OSL holds significant regulatory credentials that position them as one of the most licensed cryptocurrency companies in Asia. They are the first licensed cryptocurrency exchange in Hong Kong, a major financial hub with rigorous regulatory standards. Through their acquisition of payment infrastructure, they've expanded their licensing to cover 50 licenses across 10 different regions globally. This extensive regulatory footprint enables them to legally connect traditional banks with blockchain-based settlement in multiple jurisdictions, making their infrastructure accessible to businesses concerned about compliance.