Open Standard recorded the largest 30-day market cap growth among stablecoin issuers, adding $794 million to its Open USD (OUSD) token, according to Token Terminal data reported on October 28, 2026.
The gain is notable because OUSD launched less than a month earlier, on September 30, 2026. The 30-day window therefore covers nearly the entire life of the token.
From launch to leaderboard
OUSD went live on four blockchains simultaneously: Ethereum, Base, Solana, and Tempo. At launch, its market cap was approximately $468 million to $477 million.
Within the first week, that figure rose to around $668 million. By mid-October, OUSD had crossed the $800 million mark, and DefiLlama data showed it at approximately $828 million by October 28, 2026.
Stablecoin market cap measures tokens in circulation, so growth reflects deposits and conversions into the token rather than trading-driven price appreciation.
Tempo holds most of the supply
Supply is concentrated on Tempo, which holds approximately 64% of OUSD, or more than $500 million, as of mid-to-late October. Tempo is backed by Stripe and other partners, and Stripe is also a founding partner of OUSD. The remaining supply is spread across Ethereum, Base, and Solana.
A different stablecoin model
Open Standard positions OUSD as shared infrastructure for payments and programmable finance, distinct from tokens built primarily for crypto trading. Minting and redemption are free, and users can swap OUSD for US dollars at a 1:1 ratio through partner platforms.
Coinbase, Mastercard, Shopify, Stripe, and Visa each hold equal equity stakes in the venture. Open Standard returns most reserve income to its partners, giving the partner network a direct financial incentive to drive adoption.
Reserves backing OUSD are held at BlackRock, Lead Bank, and BNY Mellon. Open Standard publishes monthly reserve attestations. Initial commitments exceeded $1 billion in liquidity from a partner network of more than 200 companies.
