OUSD Supply Hits $666 Million but Remains Concentrated in Wallets

Open USD (OUSD) reached a total supply of $666.3 million as of October 5, 2026, but most of the tokens remain concentrated in launch and custody wallets, according to a study by Crystal Intelligence. The analysis found that $396 million was untouched in eight Tempo wallets, while an additional $200 million was held in Coinbase custody across four chains.

The study highlights that 74% of the OUSD supply is held in just ten wallets, with Tempo hosting 71% of the total. Despite this concentration, decentralized exchange (DEX) trading volume for OUSD was relatively low, amounting to about $4.1 million over six days. Solana accounted for $3.4 million of this trading activity, while Base and Tempo saw much lower volumes.

Crystal’s findings also reveal that 73% of Tempo transfers were fee payments, which explains the discrepancy between high transaction counts and low trading activity. The report notes that these initial measurements do not indicate the launch's success or failure, and future signals to watch include mints beyond partner allocations, transfers out of staged wallets, and redemptions.

Open USD was launched on September 30, 2026, on Base, Ethereum, Solana, and Tempo. The token is backed by Open Standard, an independent company founded by major players like Coinbase, Mastercard, Shopify, Stripe, and Visa, with over 200 partners. The launch distribution plans aim to test recurring payment and treasury demand as the next steps in adoption.