A fresh stablecoin named Open USD has made its debut backed by a consortium of more than 200 organizations, launching with roughly $468 million circulating alongside a distribution agreement with major payment network Stripe.
Issued by Open Standard, OUSD recorded 468.4 million tokens in circulation after its September 30 rollout. According to reserve figures, the backing assets totaled approximately $468.45 million, divided into $257.2 million held in cash alongside $211.2 million distributed across Treasuries and short-duration money-market funds.
The token also launched on Tempo, featuring upwards of $400 million in liquidity spread across stablecoin swaps, bridges, and decentralized exchanges. OUSD operates natively across Tempo, Base, Ethereum, and Solana, offering companies multiple options for treasury operations, settlement, and payments.
According to Stripe, its partnership with Open Standard will integrate OUSD into segments of its payment ecosystem. Companies can maintain the token via Stripe Treasury, disburse funds through Global Payouts, accept it using standard payment options, and utilize it within stablecoin-supported card offerings, contingent on geographic and product availability.
Stripe puts a $1.9 trillion distribution engine behind OUSD
Total volume processed by Stripe hit $1.9 trillion over the course of 2025, marking a 34% annual increase and averaging roughly $158 billion on a monthly basis.
With OUSD’s circulating supply sitting below 0.3% of that monthly volume, the figures highlight the sheer reach of Stripe’s network should enterprises adopt the token for treasury tasks and transaction processing.
Additionally, Open Standard counts over 200 financial institutions, fintech firms, banks, and enterprises among its collaborators. Alongside founding members like Stripe, Visa, Mastercard, Coinbase, and Shopify, companies can now begin building OUSD support through Visa, BVNK, and Stripe.
Patrick Collison, co-founder and CEO of Stripe, noted that Open Standard was built to ensure the vast majority of reserve yields return to participating entities instead of staying with the issuer of the stablecoin.
Open Standard explains that these financial rewards are distributed according to generated partner activity and OUSD supply, creating a financial incentive for platforms and payment providers to push the token.
This approach targets a sector where market power remains heavily consolidated. Data from CryptoSlate shows the total value of dollar stablecoins exceeds $300 billion, led by Tether’s USDT at approximately $183.8 billion and Circle’s USDC at close to 74.1 billion. Combined, the two control roughly 84% of the market.
Representing roughly 0.15% of the industry, OUSD’s initial $468 million supply places it far behind established market leaders boasting wider integrations, deeper exchange liquidity, and ingrained payment habits.
The upcoming challenge arrives as Open Standard scales distribution past initial liquidity pools. Support from Coinbase is slated to begin on October 1, and BVNK is preparing further Mastercard-based distribution, providing enterprises with additional pathways to acquire, transfer, and utilize OUSD within treasury and payment procedures.