Open USD (OUSD) reached an outstanding supply of $666.3 million on Oct. 5, but 74% of the circulating supply remains concentrated in just 10 wallets, according to a blockchain study published by Crystal Intelligence on Oct. 6.
Key Takeaways:
- $666.3 million in total OUSD supply was recorded at 04:00 UTC on Oct. 5.
- Ten wallets control 74% of the total supply, with Tempo accounting for 71% of all tokens.
- $396 million sits unmoved across 8 Tempo wallets funded directly by Bridge.
- $200 million was sent to Coinbase custody on Oct. 1 across four blockchains.
- First-week decentralized exchange (DEX) trading volume reached $4.1 million, led by Solana at $3.4 million.
Staged Wallets and Custody Concentration
The Open Standard protocol launched OUSD on Sept. 30 across four network environments: Base, Ethereum, Solana, and Tempo. Open Standard operates as an independent company backed by Coinbase, Mastercard, Shopify, Stripe, and Visa, alongside more than 200 partners.
Despite the initial distribution across multiple networks, Crystal Intelligence revealed that the vast majority of tokens remain in launch and custody accounts rather than public circulation. Out of the $666.3 million total, $396 million resides in 8 Tempo wallets funded by payment infrastructure firm Bridge. An additional $200 million was transferred to Coinbase on Oct. 1 across the four supported chains, remaining entirely within institutional custody.
Because beneficial ownership inside custody accounts is not visible on-chain, these balances indicate initial staging rather than active transaction usage or spending on goods and services.
Low DEX Trading and Transaction Count Nuances
Between Sept. 30 and Oct. 5, OUSD recorded approximately $4.1 million in DEX trading volume. Solana generated the bulk of liquidity activity with $3.4 million, followed by Base with $700,000. Tempo, despite holding 71% of the total OUSD supply, logged roughly $17,000 in DEX trades. While secondary trading volume remains low, this activity sits in contrast to broader stablecoin market dynamics and fixed-yield collateral mechanics seen across active decentralized finance protocols.
Crystal Intelligence also highlighted that transaction counts can be misleading. Out of 11,544 total OUSD transfers recorded during the period, 8,377 transfers (73%) were automated network-fee payments on Tempo, collectively worth just $3.33.
To encourage adoption, Bridge confirmed it charges no minting or redemption fees, imposes no liquidity delay restrictions, and offers yield rewards to qualifying businesses holding OUSD balances.
Why It Matters
The concentration of OUSD supply highlights the gap between institutional stablecoin minting and genuine organic adoption. While corporate backers provide immediate liquidity scale, true market integration depends on whether these funds move out of corporate custody into payment processing, merchant settlement, and secondary market trading. Analysts will be monitoring future mints beyond partner allocations and transfers out of staged wallets to determine if OUSD can establish sustained utility across multi-chain ecosystems.
