Analysis: Open USD tests whether Stripe can turn reach into stablecoin demand

Open USD, a stablecoin backed by more than 200 organizations, launched with about $468 million in circulation and a distribution partnership with Stripe. OUSD, issued for Open Standard, had 468.4 million tokens outstanding following its September 30 debut. Reserve data showed about $468.45 million in backing assets, comprising $257.2 million in cash and $211.2 million in Treasuries and short-duration money-market funds. OUSD also launched on Tempo, with more than $400 million in liquidity deployed across decentralized exchanges, stablecoin swaps and bridges. OUSD is issued natively on Tempo, Base, Ethereum and Solana for payments, settlement and treasury operations. Stripe said it is partnering with Open Standard to make OUSD available across parts of its payments system. Subject to product and geographic availability, businesses can hold OUSD through Stripe Treasury, send it through Global Payouts, accept it with Payments and use it with stablecoin-backed card products. Stripe processed $1.9 trillion in total volume during 2025, up 34% from the previous year and equivalent to roughly $158 billion a month. OUSD's circulation is less than 0.3% of that monthly figure. Stripe's network could distribute OUSD widely if businesses begin using it for payments and treasury activity. Open Standard has assembled more than 200 financial institutions, fintechs, banks and businesses as partners. Stripe, Visa, Mastercard, Coinbase and Shopify were among its founders. Businesses can begin integrating OUSD through Stripe, BVNK and Visa. Stripe co-founder and Chief Executive Patrick Collison said Open Standard was designed to return most reserve yield to participating partners rather than retain it at the issuer. Open Standard says partner rewards depend on OUSD supply and the activity partners generate. CryptoSlate data puts the dollar stablecoin market above $300 billion, with Tether's USDT at roughly $183.8 billion and Circle's USDC near $74.1 billion. USDT and USDC together account for about 84% of that market. OUSD's roughly $468 million supply represents about 0.15% of the sector, far behind incumbents with deeper exchange liquidity, broader integrations and established payment usage. Open Standard's next test is whether distribution beyond launch liquidity creates recurring payment and treasury demand. Coinbase starts supporting the network October 1. Additional Mastercard distribution through BVNK is planned to give businesses more ways to hold, move and deploy OUSD.