The Open USD (OUSD) stablecoin, issued by the Stripe subsidiary Bridge, saw its market capitalization on the Ethereum network rise from approximately $10 million to over $100 million within its first week. The project is backed by founding partners including Coinbase, Mastercard, Shopify, Stripe, and Visa, which collectively committed over $1 billion in initial liquidity.
Across all blockchains, the total supply of OUSD reached between $666 million and $722 million shortly after launch. As of October 5, 2026, the token recorded $2.6 billion in transfer volume, yet it had only between 554 and 613 holders. On-chain data indicates that 10 wallets currently control approximately 74% of the total supply.
While transfer volumes are high, trading activity on decentralized exchanges remains limited, totaling roughly $4.1 million in the first six days. The stablecoin is fiat-backed, with reserves held at BlackRock, Lead Bank, and BNY Mellon to maintain its $1 peg. Businesses can mint and redeem tokens on a 1:1 basis without transaction fees or volume limits.
The token is currently available on platforms such as Coinbase, Kraken, and Uniswap, and is accessible through the payment systems of Stripe, Visa, and Mastercard. The concentration of supply in a small number of wallets suggests that the initial usage is driven primarily by institutional partners and market makers rather than retail activity.
