Pi Network is widening its stablecoin utility through a new partnership with Open Standard, bringing Open USD [OUSD] into focus for its ecosystem.
The partnership offers the Pioneers new ways to earn rewards as well as expand potential payments or transactions based upon the use case of both.
Moreover, OUSD launched across Ethereum [ETH], Solana [SOL], Base, and Tempo, thus providing a link between Pi Network [PI] and existing multi-chain platforms.
Open Standard has over 200 partnerships in the area of payments, finance, tech, and crypto, including Visa, Google, and Stripe.
That network provides the foundation for this partnership to be greater than just one stablecoin in operation. However, PI did not provide details about the use of OUSD in their ecosystem.
Thus, the extent of the partnership’s impact depends upon whether the planned rewards result in measurable user activity.
OUSD targets Pi user activity
The next test of Pi Network will be whether OUSD rewards can convert a partnership’s interest in an investment into actual use by its investors. With over 17 million users having been verified as legitimate through the Know Your Customer (KYC) process.
This represents a huge base to draw from to potentially engage those users in using OUSD. On the other hand, OUSD currently has an approximate total of roughly $468 million worth of supply distributed throughout the system.
Also, nearly all of that supply has been placed on the Tempo platform.
This high degree of concentration illustrates just how early the network still is. However, it also presents the opportunity for Pi users to both hold and trade their OUSD tokens due to the structure of the reward model.
Could OUSD strengthen PI’s recovery?
Pi Network, at this point, is testing if the OUSD news can strengthen its technical recovery. Since reaching $0.0795 in mid-September, PI created a series of higher lows and recovered back up to $0.086.
Since then, buyers have attempted to push the price upward toward the resistance area around $0.0935 from the prior breakdown. However, the token came as close as $0.09116 before moving lower to $0.09001, showing resistance still exists.
Furthermore, the ascending trend line continues to provide support for the recovery efforts, with the recent pullback maintaining support just below $0.088. The RSI has also moved down from 69.9 to 46.18, indicating that there is less stretched momentum.
All in all, an upside breakthrough at $0.0935 may create a potential pathway to $0.099. Conversely, a loss of the trend line would weaken the recovery structure.
Final Summary
- Pi Network expands its ecosystem through its partnership with Open Standard and OUSD.
- PI’s recovery is gaining traction, but $0.0935 remains a key hurdle.
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