Open USD had $666.3 million outstanding on October 5, but most of that supply remained in launch and custody wallets, according to Crystal Intelligence's wallet study published October 6.
Open Standard created OUSD, which launched September 30 on Base, Ethereum, Solana, and Tempo. Open Standard is described as an independent company founded by Coinbase, Mastercard, Shopify, Stripe, and Visa.
Supply Concentration
Ten wallets held 74% of OUSD supply in the snapshot, with Tempo accounting for 71% of the total. Crystal identified $396 million in eight Tempo wallets funded directly by Bridge that had not moved those funds by October 5. The firm also traced $200 million sent to Coinbase on October 1 across the four chains that remained within Coinbase custody.
Trading Activity
Decentralized exchange trading totaled approximately $4.1 million from September 30 through October 5. Solana accounted for $3.4 million, Base for $700,000, and Tempo for roughly $17,000, despite hosting most of the supply.
Of 11,544 OUSD transfers recorded on Tempo, Crystal classified 8,377 (73%) as network-fee payments worth just $3.33 in total, helping explain why transfer counts did not align with measured trading volume.
Unknown Factors
The study does not reveal all beneficial owners behind custody accounts. Off-chain usage and activity inside custody accounts remain unknown, as does whether launch wallet balances have been spent on goods, services, or settlement.
Bridge says it will charge no minting or redemption fees and impose no liquidity restrictions delaying those transactions. Qualifying businesses joining Open Standard can also earn rewards on OUSD balances held at Bridge.
