Open USD (OUSD) had $666.3 million outstanding at 04:00 UTC on October 5, 2026, but that figure is not evidence that the same amount was circulating among customers. In an October 6 analysis, Crystal Intelligence found that ten wallet addresses held 74% of supply, including eight unmoved Tempo wallets holding $396 million. Wallet balances show concentration, not who ultimately owns the tokens or whether they are in active use.
What the $666.3 million figure measures
Crystal Intelligence’s October 6, 2026 analysis put OUSD’s outstanding supply at $666.3 million as of October 5 at 04:00 UTC. It is a dated on-chain snapshot, not a live balance. The report also records about $717 million minted and about $51 million burned through October 4.
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OUSD went live on September 30, 2026, across Base, Ethereum, Solana and Tempo. Bridge says it is the issuer; Open Standard is the organization behind the stablecoin. [Bridge’s launch announcement]
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The launch supply grew in large issuance bursts, according to Crystal: $439.5 million was issued on Tempo on September 29, the day before launch, followed by $50 million on each of the four chains on October 1. Minting and burning explain how outstanding supply changed; they do not, on their own, show how many businesses or individuals used OUSD.
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Who held most of OUSD?
Crystal Intelligence found that ten wallet addresses held 74% of OUSD supply in its snapshot. Its analysis describes large balances in partner-staging and custody positions. These are address-level findings: an address is not necessarily one person or company, and the analysis does not identify every ultimate beneficial owner.
Eight Tempo wallets: $396 million
Eight Tempo wallets held $396 million, funded directly by Bridge, and had not moved those balances by the snapshot, Crystal reported. The analysis treats these as staged balances; it does not establish why they remained still or whether they would later circulate or be redeemed.
Coinbase custody: $200 million
Crystal traced a separate $200 million allocation to Coinbase custody addresses in four $50 million legs, one on each chain. It reported that the allocation remained in custody at the snapshot. Custody addresses do not reveal whether tokens represent active customers, and this allocation is distinct from the $396 million in the eight Tempo wallets.
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These figures describe different identified positions and should not be added to the ten-wallet share as though they were separate, non-overlapping measures. The published analysis does not establish the ultimate owner of each balance.
How much OUSD was actually circulating?
The first-week figures show a substantial gap between total supply and observable secondary-market trading. Crystal reported about $4.1 million in DEX volume across the four chains from September 30 through October 5—about 0.6% of the $666.3 million snapshot supply. That is a measure of reported trading over a six-day window, not a reserve figure, a count of unique users, or proof of executable market depth.
| Chain | OUSD supply at October 5, 2026, 04:00 UTC | Reported DEX volume, September 30–October 5, 2026 |
|---|---|---|
| Tempo | $472.8 million (71.0%) | About $17,000 |
| Solana | $68.0 million (10.2%) | About $3.4 million |
| Base | $65.0 million (9.8%) | $0.7 million |
| Ethereum | $60.4 million (9.1%) | No DEX volume reported in the window |
Supply percentages are rounded figures reported by Crystal and total 100.1% because of rounding. The chain split and DEX-volume breakdown measure different things: a large on-chain balance does not imply that comparable amounts traded on decentralized exchanges.
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Tempo transfer counts include fee payments
Raw transfer counts also need context. Tempo allows transaction fees to be paid in stablecoins. In Crystal’s Tempo dataset, 8,377 of 11,544 OUSD transfers—73%—were fee payments, worth $3.33 in fees. That specific finding means Tempo transfer counts should not be read as a count of ordinary person-to-person or merchant payments.
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Small addresses are not a customer count
Crystal reported 355 holder addresses in its analysis; 218 held less than $100 each, with a combined value of $3,197. It also found that 64 wallets holding at least $1 million represented 99.5% of supply. Those are wallet-address statistics, not counts of people or businesses.
What concentration says—and what it cannot show
Concentration is relevant to distribution and market risk. If a partner or custodian moved or redeemed a large balance, circulating supply and market conditions could change materially. But the first-week analysis cannot establish that a balance will stay put, enter circulation, or be redeemed. Later on-chain activity could clarify movement, but wallet activity alone would still not identify every beneficial owner or prove end-user adoption.
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Crystal Intelligence’s findings are its published analysis of early on-chain activity, not an independently reproduced wallet-level dataset. Its author, Hannah Curtis, Crystal Foresight Product Leader, summarized the caveat: “Most of the $666M sits in wallets that have not moved since they were funded, so supply figures alone say little about adoption yet.”
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How OUSD is intended to work for businesses
Bridge described OUSD as a business money-movement stablecoin, with access through Bridge for Open Standard network partners and support across orchestration, wallets, cards and foreign exchange. Bridge said it would not charge minting or redemption fees or impose liquidity restrictions that delay those transactions. These are the issuer’s stated launch terms, not independently measured service-performance results. [Bridge’s September 30 launch announcement]
Open Standard lists integration paths involving Stripe/Bridge, Mastercard, Coinbase and Visa, and says OUSD can be minted and burned at 1:1 USD parity at no cost. It also says partners must sign up with Open Standard to receive rewards for driving OUSD supply and activity. Provider terms, eligibility rules and geographic restrictions apply. [Open Standard]
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In its June 30, 2026 pre-launch announcement, Open Standard described a design in which business minting and redemption would be free, reserve earnings would be shared with partners less a small management fee, and governance would be collaborative. These are stated design principles, not evidence that particular partner economics or governance outcomes have been delivered. [Open Standard’s launch announcement]
What the first-week snapshot leaves unanswered
The cited launch and on-chain materials do not establish OUSD’s current reserve composition, an independent reserve attestation, redemption service performance, current market depth, customer counts, regulatory permissions across jurisdictions, or changes in balances after October 5, 2026. Those questions require evidence beyond the launch terms and this dated snapshot.
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