Open USD Stablecoin Surpasses $100 Million Supply on Ethereum in First Week

Open USD (OUSD), a stablecoin launched by Bridge, a subsidiary of Stripe, has seen its market cap on the Ethereum blockchain increase from approximately $10 million to over $100 million within its first week of operation. This rapid growth was primarily driven by minting activities from the project's founding partners, which include major companies such as Coinbase, Mastercard, Shopify, Stripe, and Visa.

At launch, OUSD's supply was predominantly on the Tempo blockchain, with only about 9% on Ethereum. However, by early October 2026, Ethereum's share of OUSD's total supply surged, reflecting significant institutional interest and minting. Overall, OUSD's total supply across all blockchains reached between $666 million and $722 million shortly after its debut, with on-chain data indicating a figure of approximately $666.3 million as of October 5, 2026.

Despite the impressive transfer volume of $2.6 billion logged by October 5, the number of holders remained relatively low, with estimates between 554 and 613. This suggests that the stablecoin is primarily being utilized by institutional players rather than retail investors, as evidenced by the concentration of supply in just 10 wallets, which hold about 74% of OUSD's total supply. The fiat-backed stablecoin is designed to maintain its $1 peg through reserves held at financial institutions including BlackRock, Lead Bank, and BNY Mellon, allowing businesses to mint and redeem OUSD on a 1:1 basis without transaction fees or volume limits.

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Source: KLEA News