OPEN is a fully permissionless protocol that enables the minting/borrowing of stable coins against any token as collateral. There are no admin keys.
USDO is an overcollateralized multi-collateral stable coin which can be borrowed against any asset in a permissionless manner.
OPEN DAO controls the creation of USDO and earns fees. These come in the form of interest and minting fees via seeding various USDO lending markets.
OPEN token holders comprise the DAO.