Open USD supply on Ethereum tops $100M in its first week

Market Cap Growth

Open USD's market cap on Ethereum has climbed from $10 million to over $100 million in its first week, driven largely by minting from the project's founding partners. The growth is a significant milestone for the stablecoin, which has seen its total supply across all chains reach $666 million to $722 million within days of launch. Ethereum was not the main stage at first, with 71% of OUSD's supply living on the Tempo blockchain and about 9% on Ethereum.

Institutional Investment

The rise on Ethereum is one piece of a bigger debut. OUSD's total supply across all chains has reached roughly $666 million to $722 million within days of launch. On-chain data put the figure at about $666.3 million by October 5, 2026. Heavyweight consortium with a concentration problem OUSD is the product of Open Standard, a group whose founding partners hold equal equity stakes. Coinbase, Mastercard, Shopify, Stripe and Visa collectively committed over $1 billion in initial liquidity to get the stablecoin off the ground. The coin is fiat-backed, meaning each token is supposed to be matched by real dollars or equivalents held in reserve. OUSD's reserves are held at BlackRock, Lead Bank and BNY Mellon. Those reserves support its $1 peg.

On-Chain Activity

Activity numbers also look healthy at first glance. OUSD logged $2.6 billion in transfer volume as of October 5. The token had somewhere between 554 and 613 holders at that point. On-chain data showed that 10 wallets held approximately 74% of OUSD's total supply. Decentralized exchange trading has been thin as well. Across all chains, DEX volume came to roughly $4.1 million in the first six days after launch. Compare that with the $2.6 billion in transfer volume. Plenty of money is moving between wallets, but very little of it is being traded on open markets.

Implications for Traders and Issuers

The most important signal from OUSD's first week is who is using it. A large transfer volume, a small holder count and heavy wallet concentration all point to institutions and partners doing the early heavy lifting. For traders, concentration cuts both ways. When 10 wallets control roughly 74% of supply, decisions by a few holders could swing liquidity on a given chain. Thin DEX activity also means slippage risk for anyone trying to trade larger amounts on decentralized venues. The flip side is that redemption at 1:1 without fees or limits gives institutional holders a clean exit. That mechanism, combined with reserves at BlackRock, Lead Bank and BNY Mellon, is designed to keep the peg anchored even if on-chain trading stays light.

Metrics to Watch

Several metrics will tell the real story over the coming weeks. Watch whether the holder count climbs well beyond the 554 to 613 range. Watch whether the share held by the top 10 wallets falls from around 74%. And watch whether DEX volume grows beyond the roughly $4.1 million recorded in the first six days.