CryptoSlate
Open USD launched with 468.4 million OUSD tokens outstanding after its Sept. 30 debut and a partnership to make the stablecoin available across parts of Stripe’s payments stack. Reserve data showed about $468.45 million in backing assets: $257.2 million in cash and $211.2 million in Treasuries and short-duration money-market funds. More than $400 million in liquidity was deployed across decentralized exchanges, stablecoin swaps and bridges on Tempo.
Why it matters
Stripe processed $1.9 trillion in total volume in 2025, up 34% from the previous year. OUSD circulation is less than 0.3% of Stripe’s roughly $158 billion in average monthly volume. The comparison shows the scale of the potential distribution channel, not current demand for the token.
Open Standard, which has more than 200 partner organizations, says most reserve yield flows to participating partners rather than staying with the issuer. Rewards are tied to OUSD supply and partner activity, giving payment companies an incentive to bring businesses onto the network. Stripe says eligible businesses can hold OUSD through Stripe Treasury, send it through Global Payouts and accept it with Payments, subject to product and geographic availability.
Market impact
USDT and USDC together account for about 84% of a dollar-stablecoin market worth more than $300 billion. OUSD’s roughly $468 million supply is about 0.15% of the sector, so distribution through Stripe does not yet translate into a challenge to their scale.
OUSD is issued natively on Tempo, Base, Ethereum and Solana. Coinbase support for the network begins Oct. 1, while further Mastercard distribution through BVNK is planned. The test is whether those routes turn launch liquidity into sustained payment and treasury use.
Frequently asked questions
-
What assets back the OUSD in circulation?
Reserve data showed about $468.45 million in backing assets, comprising $257.2 million in cash and $211.2 million in Treasuries and short-duration money-market funds.
-
How can businesses use OUSD through Stripe?
Subject to product and geographic availability, businesses can hold OUSD through Stripe Treasury, send it through Global Payouts and accept it with Payments.
-
Why does Stripe’s payments volume matter for OUSD?
Stripe processed $1.9 trillion in 2025 volume, giving OUSD a potentially large distribution channel. That volume is not a measure of current OUSD demand.
-
How does Open Standard encourage partners to distribute OUSD?
Open Standard says most reserve yield goes to participating partners, with rewards tied to OUSD supply and the activity partners generate.
-
How does OUSD’s scale compare with USDT and USDC?
OUSD’s roughly $468 million supply represents about 0.15% of the dollar-stablecoin sector. USDT and USDC together account for about 84%.
TheBlock
Crypto News
CoinDesk
WuBlockchain