All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders. - OUSD’s Ethereum supply has reached $100.6 million, roughly 10 times its late-September level.
- First-week blockchain analysis shows much of OUSD’s broader supply was initially staged with partners, custodians and market makers.
- Only about $4.1 million in DEX volume was recorded across four networks through Oct. 5.
- Open Standard financially rewards partners for both the OUSD supply and activity they generate.
Open USD has crossed $100 million in market capitalization on Ethereum, extending one of the fastest stablecoin launches of the year.
Token Terminal data shows $100.6 million of OUSD now issued on Ethereum, compared with roughly $10 million around the end of September. The increase comes barely a week after Open Standard launched the stablecoin across Ethereum, Base, Solana and Tempo on Sept. 30.
Open USD (OUSD) market cap on Ethereum just crossed $100M, reaching $100.6M
Up from roughly $10M at the end of September, a ~10x increase in about a week https://t.co/DLyLVvdDSN
— Token Terminal 📊 (@tokenterminal) October 7, 2026
The headline growth is substantial. The transactions behind OUSD’s first week, however, show that much of its early expansion has come from deliberately positioning liquidity across Open Standard’s distribution network rather than hundreds of millions of dollars suddenly appearing through decentralized trading.
That distinction can now be quantified.
Bridge Minted OUSD Before Demand Arrived
An Oct. 6 analysis by blockchain intelligence firm Crystal Intelligence traced the first week of OUSD issuance and found that Bridge, the Stripe-owned company issuing the stablecoin, had minted approximately $717 million across the four supported networks. About $666.3 million remained outstanding as of Oct. 5.
The issuance was highly structured.
Bridge initially minted about $9.99 million on each network on Sept. 23, a week before the public launch.
Another $439.5 million was minted on Tempo on Sept. 29, followed by $50 million on each of the four networks on Oct. 1, when Coinbase support went live.
After those allocations, issuance slowed sharply. Crystal found that Bridge minted approximately $1.2 million and burned $3.4 million between Oct. 2 and Oct. 4, producing a net supply decline of roughly $2.2 million over the period.
That sequence provides useful context for Ethereum’s latest increase. OUSD was launched with substantial inventory deliberately placed across several chains and distribution partners rather than relying entirely on gradual organic minting after launch.
Ethereum Is Now Catching Up
The chain distribution was heavily tilted toward Tempo only days ago.
Crystal’s Oct. 5 snapshot showed $472.8 million on Tempo, representing 71% of outstanding OUSD. Ethereum held $60.4 million, while Solana had $68 million and Base $65 million. Crystal Intelligence
The latest Token Terminal reading of $100.6 million on Ethereum therefore implies an increase of roughly $40 million from Crystal’s earlier snapshot.
That is a more informative development than simply comparing the current balance with the roughly $10 million visible before launch. It suggests Ethereum’s allocation has continued expanding after the large, coordinated mints that established OUSD’s initial liquidity.
Open Standard confirms that OUSD is issued natively on all four networks rather than existing solely as an Ethereum token bridged elsewhere. Its official Ethereum contract is 0x9f6F3991D525015a6F8CaF062C83b62fD3AC4436.
The next question is where that additional Ethereum supply is going.
Ten Wallets Held 74% of OUSD
Concentration provides another check on the headline market capitalization.
Crystal found that the 10 largest wallets controlled 74% of total OUSD supply in its Oct. 5 snapshot. Eight Bridge-funded wallets on Tempo alone still held approximately $396 million.
Those balances should not automatically be interpreted as 10 ultimate owners. Custody addresses and infrastructure wallets can represent assets belonging to multiple customers, while blockchain data cannot reveal beneficial ownership behind every address.
But the concentration does show how early OUSD remains in its distribution cycle.
The same analysis identified roughly $4.1 million in decentralized exchange volume across all four networks between Sept. 30 and Oct. 5. Solana accounted for approximately $3.4 million and Base about $700,000, while
Ethereum recorded no DEX volume in Crystal’s measurement window.
The comparison is striking: hundreds of millions of dollars of OUSD had already been issued, but decentralized trading represented only a small fraction of that amount during the first six days.
It does not capture every way OUSD can be used. Institutional transfers, centralized exchange activity, custody movements and payments can occur outside DEXs. Still, it gives the market an observable baseline against which later activity can be measured.
Open Standard Pays Partners to Build Supply
The issuance pattern also reflects how OUSD was designed.
Open Standard does not follow a model in which the issuer simply retains nearly all income generated by stablecoin reserves. Instead, it says partners receive reserve earnings, less a management fee, based on the supply and activity they generate.
That creates a direct economic incentive for participating companies to distribute OUSD.
The network already includes more than 200 financial institutions, fintechs, banks and other businesses, while Coinbase, Mastercard, Shopify, Stripe and Visa are founding partners.
OUSD can also be minted and redeemed at 1:1 dollar parity without minting or redemption fees through supported integration providers. Stripe, Mastercard, Coinbase and Visa provide different combinations of settlement, trading, wallets, payments, custody, FX and on- and off-ramp infrastructure.
The early supply numbers consequently measure more than consumer demand for a new stablecoin. They also reflect a distribution system intentionally built to place OUSD with companies capable of generating future transactions.
$100 Million Gives Ethereum a Better Benchmark
Ethereum’s new $100.6 million reading becomes useful because there is now a first-week baseline against which to compare it.
On Oct. 5, Crystal measured $60.4 million of OUSD on Ethereum and essentially no Ethereum DEX volume during its six-day observation period. The latest Token Terminal figure puts supply above $100 million.
If trading liquidity, transfers and holder distribution begin increasing alongside that balance, the nature of OUSD’s Ethereum growth will look different from its initial inventory placement. If activity remains limited while supply continues rising, issuance will remain the dominant explanation.
The comparison can also be repeated across Base, Solana and Tempo because Open Standard launched the same asset natively on all four networks at once.
For OUSD, the first week established scale extraordinarily quickly. The second phase can now be measured against harder numbers: where the tokens move, how concentrated they remain and how much transaction activity the initial $666 million-plus supply actually generates.
