Open USD, a stablecoin backed by more than 200 organizations, has launched with roughly $468 million in circulation and a distribution partnership with Stripe, one of the world’s largest payment networks.
The token, branded OUSD and issued for Open Standard, reached 468.4 million tokens in circulation after its Sept. 30 debut. Reserve data indicated about $468.45 million in backing assets, comprising $257.2 million in cash and $211.2 million in U.S. Treasuries and short-duration money-market funds.
OUSD is also live on Tempo, where more than $400 million in liquidity has been deployed across decentralized exchanges, stablecoin swaps and bridges. The token is issued natively on Tempo, Base, Ethereum and Solana, offering businesses multiple environments for payments, settlement and treasury operations.
Stripe Adds Distribution Scale to OUSD
Stripe said it is working with Open Standard 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 through Payments and use it with stablecoin-backed card products, subject to product and geographic availability.
Stripe processed $1.9 trillion in total volume in 2025, up 34% year over year and equivalent to roughly $158 billion a month. OUSD’s current circulation is less than 0.3% of that monthly volume, underscoring the potential reach of the distribution network if companies begin using the token for payments and treasury activity.
Open Standard has also gathered more than 200 financial institutions, fintechs, banks and businesses as partners. Founders include Stripe, Visa, Mastercard, Coinbase and Shopify, while companies can begin integrating OUSD through Stripe, BVNK and Visa.
Stripe co-founder and CEO Patrick Collison said Open Standard was designed so that most reserve yield flows back to participating partners instead of being retained by the stablecoin issuer. Open Standard said rewards are allocated based on OUSD supply and the activity generated by partners, creating an economic incentive for payment companies and platforms to distribute the token.
The project enters a market that remains heavily concentrated. Dollar-denominated stablecoins are worth more than $300 billion, according to CryptoSlate data, with Tether’s USDT at roughly $183.8 billion and Circle’s USDC near $74.1 billion. Together, the two issuers account for about 84% of the market.
OUSD’s approximately $468 million supply represents about 0.15% of the sector, leaving it behind incumbents with deeper exchange liquidity, broader integrations and established payment usage. The next test will be how Open Standard expands distribution beyond launch liquidity. Coinbase is set to support the network on Oct. 1, while additional Mastercard distribution through BVNK is planned, giving businesses more routes to hold, move and deploy OUSD across payment and treasury workflows.