Open USD (OUSD) had $666.3 million outstanding as of October 5, but the vast majority of this supply remained concentrated within launch and custody wallets, according to a wallet study published by Crystal Intelligence on October 6.
The findings indicate a substantial amount of launch inventory, with minimal evidence of wider circulation or organic distribution in the open market as of early October.
Open Standard, an initiative backed by major industry players, created the OUSD token, which officially launched on September 30 across Base, Ethereum, Solana, and Tempo. Bridge, the entity behind the token, describes Open Standard as an independent organization founded by industry giants including Coinbase, Mastercard, Shopify, Stripe, and Visa, boasting a network of over 200 partners.
The initial distribution strategy highlights recurring payment and treasury demand as the next major milestones for adoption. Crystal Intelligence’s study tracks wallet allocation and subsequent activity, with balances measured at 04:00 UTC on October 5.
Crystal identified $396 million distributed across eight Tempo wallets, funded directly by Bridge, which had not moved these funds by the time of the snapshot. In a separate allocation, the study traced $200 million sent to Coinbase on October 1 across all four chains, noting that these assets remained within Coinbase custody.
These classifications illustrate where the tokens are currently parked, though they do not fully disclose the beneficial owners behind custody accounts. The study notes that off-chain usage and internal account activity remain unknown, and funding a launch wallet does not necessarily mean those balances have been spent on goods, services, or settlements.
In total, just ten wallets held 74% of the entire OUSD supply in Crystal’s snapshot, with the Tempo network accounting for 71% of the total supply. This extreme concentration highlights the importance of monitoring these large balances to assess any future circulation.
Open USD transfer counts and trading measure different activity
Crystal recorded approximately $4.1 million in trading volume on decentralized exchanges (DEXs) from September 30 through October 5. Solana accounted for the lion’s share at $3.4 million, followed by Base with $700,000, and Tempo with roughly $17,000—despite hosting the vast majority of the token supply.
It is important to note that trading turnover is a distinct metric from the overall liquidity available to execute trades or the actual volume of customer payments.
Bridge has stated that it will charge no minting or redemption fees and will impose no liquidity restrictions that could delay these transactions. Additionally, qualifying businesses that join Open Standard can earn rewards on OUSD balances held at Bridge.
Tempo’s transfer figures require further adjustment, as OUSD fee payments are recorded as transfers. Out of 11,544 total OUSD transfers, Crystal classified 8,377 (73%) as network-fee payments, totaling just $3.33. These fee-related transfers help explain why a high transaction count can coexist with relatively low measured trading volume.
These initial measurements do not necessarily indicate that the launch has failed. Crystal Intelligence identifies several key signals to watch in the coming weeks, including mints beyond founder or partner allocations, transfers out of staged wallets, redemptions, and exchange activity on Tempo.
Ultimately, sustained and wider circulation will provide the real-world evidence needed to validate the long-term utility of the launch allocations.
