OUSD Supply Hits $666M, but 10 Wallets Hold 74%

Open USD had $666.3 million outstanding on Oct. 5, but 10 wallets held 74% of the supply, according to a Crystal Intelligence study published Oct. 6. The snapshot found $396 million in eight Tempo wallets funded directly by Bridge, with those funds unmoved, and another $200 million sent to Coinbase on Oct. 1 that remained in custody. Tempo accounted for 71% of total OUSD supply.

Why it matters

The wallet distribution is a caution against treating issued supply as evidence of broad adoption. Custody balances do not identify all beneficial owners, and a launch allocation does not show that tokens have been spent on goods, services or settlement. Crystal said its study could not establish off-chain usage or activity inside custody accounts.

Open Standard created OUSD, which launched Sept. 30 on Base, Ethereum, Solana and Tempo. Bridge describes Open Standard as an independent company founded by Coinbase, Mastercard, Shopify, Stripe and Visa, with more than 200 partners. Planned recurring-payment and treasury demand remains an adoption test, rather than something established by the launch supply figures.

Market impact

Crystal recorded about $4.1 million in DEX trading from Sept. 30 through Oct. 5: $3.4 million on Solana, $700,000 on Base and roughly $17,000 on Tempo, despite Tempo holding most of the supply. Trading turnover is not the same as executable liquidity or customer payment volume.

Tempo recorded 11,544 OUSD transfers, but Crystal classified 8,377, or 73%, as network-fee payments worth just $3.33 in total. That distinction shows why transfer counts alone can overstate economic activity. Bridge says it will charge no minting or redemption fees, impose no liquidity restrictions that delay those transactions, and offer qualifying Open Standard businesses rewards on OUSD balances held at Bridge. Crystal's next indicators include new mints beyond founder or partner placements, transfers out of staged wallets, redemptions and Tempo exchange activity. The first-week data does not establish that the launch has failed.