Stripe's $1.9 Trillion Network Backs New Stablecoin Challenger
Open USD (OUSD) has launched as a new stablecoin backed by over 200 organizations, including Stripe, one of the largest payment networks. The token had about $468 million in circulation following its debut on September 30th and is issued natively on Tempo, Base, Ethereum, and Solana.
OUSD has a distribution partnership with Stripe, which processed $1.9 trillion in total volume during 2025, up 34% from the previous year. This massive network could potentially break the grip of USDT and USDC, which together account for about 84% of the market and are worth over $300 billion.
The reserve data for OUSD shows that it has a backing of around $468.45 million, split between cash and Treasuries and short-duration money-market funds. The token also went live on Tempo with more than $400 million in liquidity deployed across decentralized exchanges, stablecoin swaps, and bridges.
Stripe's co-founder Patrick Collison said that Open Standard was designed so that most reserve yield flows back to participating partners rather than being retained by the stablecoin issuer. This model gives payment companies and platforms an economic incentive to distribute the token.