Open USD (OUSD) has crossed $100 million in market capitalization on Ethereum, marking a roughly tenfold increase from about $10 million at the end of September. The stablecoin, launched by Open Standard and issued by Stripe-owned Bridge, went live across Ethereum, Base, Solana and Tempo on September 30.
Token Terminal data shows $100.6 million of OUSD was issued on Ethereum as of October 7. While the headline growth is substantial, on-chain analysis from Crystal Intelligence indicates that much of the early supply was deliberately staged through distribution partners, custodians and market makers rather than driven purely by organic demand.
Crystal Intelligence found that Bridge minted approximately $717 million in OUSD across the four networks during the first week. About $666.3 million remained outstanding as of October 5. The minting pattern was highly structured: roughly $9.99 million was minted on each network on September 23, another $439.5 million was minted on Tempo on September 29, and $50 million was minted on each network on October 1 when Coinbase support went live. Between October 2 and October 4, Bridge minted about $1.2 million and burned $3.4 million, a net supply decline of roughly $2.2 million.
Chain distribution initially favored Tempo, which held $472.8 million, or 71% of outstanding OUSD, in an October 5 snapshot. Solana held $68 million, Base held $65 million and Ethereum held $60.4 million. The latest Ethereum reading of $100.6 million therefore implies an increase of roughly $40 million from that snapshot. However, decentralized exchange volume was only about $4.1 million across all four networks between September 30 and October 5, with Solana accounting for approximately $3.4 million and Base about $700,000. Ethereum recorded no DEX volume in that window.
Concentration is also notable: the ten largest wallets controlled 74% of total OUSD supply, and eight Bridge-funded wallets on Tempo alone held approximately $396 million. Custody and infrastructure wallets may represent multiple customers, but the data shows OUSD is still in an early distribution phase.
Open Standard says partners receive reserve earnings, less a management fee, based on the supply and activity they generate. More than 200 financial institutions, fintechs and banks are already involved, with Coinbase, Mastercard, Shopify, Stripe and Visa as founding partners. OUSD can be minted and redeemed at 1:1 dollar parity without minting or redemption fees through supported providers.
The next phase will be measured by whether trading liquidity, transfers and holder distribution begin to rise alongside supply, or whether issuance remains the dominant driver of growth.
