Open USD (OUSD) launched on September 30 with approximately $468 million in circulation, backed by a consortium of more than 200 financial institutions, fintechs, banks and businesses. The stablecoin is issued natively on Tempo, Base, Ethereum, and Solana.
Reserve data showed $468.45 million in backing assets, comprised of $257.2 million in cash and $211.2 million in Treasuries and short-duration money-market funds. The token went live on Tempo with more than $400 million in liquidity deployed across decentralized exchanges, stablecoin swaps, and bridges.
Stripe Partnership and Distribution Model
Stripe, one of the largest payment networks, partnered with Open Standard to integrate OUSD across its payments stack. Businesses can hold the token through Stripe Treasury, send it through Global Payouts, accept it with Payments and use it with stablecoin-backed card products, subject to product and geographic availability.
Stripe processed $1.9 trillion in total volume during 2025, up 34% from the previous year. OUSD's current supply represents less than 0.3% of Stripe's monthly transaction volume, illustrating the scale of the potential distribution network.
Stripe co-founder and Chief Executive Patrick Collison said Open Standard was designed so that most reserve yield flows back to participating partners rather than being retained by the stablecoin issuer. Rewards are allocated based on OUSD supply and the activity partners generate.
Market Position
Dollar stablecoins exceed $300 billion in total value, with Tether's USDT at approximately $183.8 billion and Circle's USDC near $74.1 billion. Together, these two tokens account for about 84% of the sector.
OUSD's $468 million supply represents approximately 0.15% of the stablecoin market. The token faces entrenched competition from incumbents with deeper exchange liquidity, broader integrations and established payment usage.
Coinbase began supporting the network on October 1, while additional distribution through Mastercard via BVNK is planned, providing businesses additional routes to hold, move and deploy OUSD across payment and treasury workflows.
