Open USD (OUSD) launches with $468M supply, Stripe distribution deal
In brief
- OUSD debuted Sept. 30 with 468.4 million tokens outstanding, according to CryptoSlate.
- Stripe will offer OUSD through Treasury, Global Payouts, Payments and card products, where available.
- OUSD reserve data cited by CryptoSlate showed $257.2 million in cash and $211.2 million in Treasuries and funds.
- OUSD's supply is about 0.15% of a dollar stablecoin market worth more than $300 billion.
What Stripe is offering
Stripe said it's partnering with Open Standard, the network OUSD is issued for, to make OUSD available across parts of 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. Each of those depends on product and geographic availability.
Open Standard's founders included Stripe, Visa, Mastercard, Coinbase and Shopify, and it has signed up more than 200 financial institutions, fintechs, banks and businesses as partners. Businesses can begin integrating OUSD through Stripe, BVNK and Visa. Coinbase was set to start supporting the network on Oct. 1, and more Mastercard distribution through BVNK is planned.
On Tempo, more than $400 million in liquidity was deployed across decentralized exchanges, stablecoin swaps and bridges at launch.
Reserves and yield
Reserve data cited by CryptoSlate showed about $468.45 million in backing assets: $257.2 million in cash and $211.2 million in Treasuries and short-duration money-market funds. CryptoSlate didn't say where that data came from or whether the figures were audited or attested.
The yield model is built around partners. Stripe co-founder and CEO Patrick Collison said Open Standard was designed so that most reserve yield flows back to participating partners rather than being retained by the issuer. Open Standard said those rewards are allocated based on OUSD supply and the activity partners generate.
The scale gap
CryptoSlate's headline frames Stripe's network as the thing that can break USDT and USDC's grip. Right now, the gap is wide.
Dollar stablecoins are worth more than $300 billion, according to CryptoSlate's data, with USDT at roughly $183.8 billion and USDC near $74.1 billion. OUSD's roughly $468 million supply works out to about 0.15% of the sector.
Stripe's own volume shows what distribution looks like at that scale. The company processed $1.9 trillion in total volume in 2025 (up 34% from the year before), or about $158 billion a month. OUSD's circulation at launch was less than 0.3% of that monthly figure. That's the room the token has to grow into if Stripe's merchants start actually using it.
Frequently asked questions
What backs the Open USD (OUSD) stablecoin?
Reserve data cited by CryptoSlate showed about $468.45 million in backing assets. That was split between $257.2 million in cash and $211.2 million in Treasuries and short-duration money-market funds. CryptoSlate didn't name the source of the data or say whether the figures were audited or attested.
How can businesses use OUSD through Stripe?
Businesses can hold OUSD through Stripe Treasury, send it through Global Payouts, accept it with Payments and use it with stablecoin-backed card products. Each option is subject to product and geographic availability. Integration is also possible through BVNK and Visa.
Who receives the yield from OUSD reserves?
Stripe CEO Patrick Collison said Open Standard was designed so that most reserve yield flows back to participating partners rather than being retained by the issuer. Open Standard said rewards are allocated based on OUSD supply and the activity partners generate.
How big is OUSD compared with USDT and USDC?
According to CryptoSlate's data, USDT was at roughly $183.8 billion and USDC near $74.1 billion, together about 84% of the dollar stablecoin market. OUSD's roughly $468 million supply is about 0.15% of the sector.
