OUSD Supply Hits $666 Million, Concentrated in 10 Wallets

Open USD, also known as OUSD, had $666.3 million in circulation on Oct. 5, according to a Crystal Intelligence wallet study. Ten wallets held 74% of the supply, with most tokens remaining in launch or custody wallets.

Open Standard created OUSD, which launched on Sept. 30 on Base, Ethereum, Solana and Tempo. Crystal measured wallet balances at 04:00 UTC on Oct. 5.

Eight Tempo wallets held $396 million in OUSD that had not moved by the time of the snapshot. Crystal traced the funds to direct transfers from Bridge, the company that provides infrastructure for OUSD.

Crystal also identified $200 million sent to Coinbase on Oct. 1 across the four networks. Those tokens remained within Coinbase custody at the time of the snapshot.

The wallet classifications show where the tokens were held but do not identify all beneficial owners behind custody accounts. Balances in launch wallets do not establish whether the tokens were used for payments, goods, services or settlement. Activity inside custody accounts and off-chain payments was not visible in the analysis.

Trading on decentralized exchanges totaled about $4.1 million from Sept. 30 through Oct. 5. Solana accounted for about $3.4 million, Base for $700,000 and Tempo for roughly $17,000, despite Tempo holding most of the supply.

Crystal recorded 11,544 OUSD transfers on Tempo. It classified 8,377 transfers, or 73%, as network-fee payments. Those transfers had a combined value of about $3.33, so the transfer count did not directly measure trading or customer payment activity.

Bridge describes Open Standard as an independent company founded by Coinbase, Mastercard, Shopify, Stripe and Visa, with more than 200 partners. Bridge says OUSD will have no minting or redemption fees and no liquidity restrictions that delay those transactions.