Open USD supply exceeds $666 million but remains concentrated in few wallets

Open USD (OUSD) reached a supply of $666.3 million on October 5, but most of the tokens remained concentrated in launch and custody wallets, according to a study by Crystal Intelligence published on October 6. The findings indicate that a large portion of the supply is still held in staged wallets, with limited evidence of broader circulation.

OUSD was launched on September 30 across Base, Ethereum, Solana, and Tempo by Open Standard, a company backed by major firms like Coinbase, Mastercard, Shopify, Stripe, and Visa. Crystal's study revealed that $396 million worth of OUSD was held in eight Tempo wallets funded by Bridge, while an additional $200 million was transferred to Coinbase custody across the four chains. These allocations suggest that most of the supply is still under the control of launch wallets or custody accounts.

Ten wallets held 74% of the OUSD supply, with Tempo alone accounting for 71% of the total. Despite this concentration, observed trading on decentralized exchanges during the first week was relatively low, totaling about $4.1 million. Solana saw the highest trading volume at $3.4 million, followed by Base with $700,000, and Tempo with roughly $17,000.

The study also noted that a significant portion of OUSD transfers were fee payments rather than actual trades, which helps explain the discrepancy between high transaction counts and low trading volumes. Crystal highlighted several key metrics to watch for future adoption, including mints beyond founder or partner placements, transfers out of staged wallets, and redemptions.