Open USD bets Stripe’s $1.9 trillion network can break USDT and USDC’s grip
Open USD, a brand new stablecoin backed by greater than 200 organizations, has launched with about $468 million in circulation and a distribution partnership with Stripe, one of many largest fee networks.
OUSD, issued for Open Standard, had 468.4 million tokens excellent following its Sept. 30 debut. Reserve data confirmed about $468.45 million of backing property, cut up between $257.2 million in money and $211.2 million in Treasuries and short-duration money-market funds.
The token additionally went reside on Tempo, with greater than $400 million in liquidity deployed throughout decentralized exchanges, stablecoin swaps, and bridges. OUSD is issued natively on Tempo, Base, Ethereum, and Solana, giving companies a number of venues for funds, settlement, and treasury operations.
Stripe said it’s partnering with Open Standard to make OUSD out there throughout elements of its funds stack. Businesses can maintain the token via Stripe Treasury, ship it via Global Payouts, settle for it with Payments and use it with stablecoin-backed card merchandise, topic to product and geographic availability.
Stripe places a $1.9 trillion distribution engine behind OUSD
Stripe processed $1.9 trillion in whole quantity throughout 2025, up 34% from the earlier yr and equal to roughly $158 billion a month.
OUSD’s present circulation quantities to lower than 0.3% of that month-to-month determine, illustrating the dimensions of the network via which Stripe might distribute the token if companies start utilizing it for funds and treasury exercise.
Open Standard has additionally assembled more than 200 financial institutions, fintechs, banks and companies as companions. Stripe, Visa, Mastercard, Coinbase and Shopify have been amongst its founders, whereas companies can start integrating OUSD via Stripe, BVNK and Visa.
Stripe co-founder and Chief Executive Patrick Collison said Open Standard was designed so that almost all reserve yield flows again to taking part companions slightly than being retained by the stablecoin issuer.
Open Standard says these rewards are allotted primarily based on OUSD provide and the exercise companions generate, giving fee firms and platforms an financial incentive to distribute the token.
That mannequin enters a market the place scale stays closely concentrated. Dollar stablecoins are value greater than $300 billion, in accordance with CryptoSlate’s knowledge, with Tether’s USDT at roughly $183.8 billion and Circle’s USDC close to $74.1 billion. Together they account for about 84% of the market.
OUSD’s roughly $468 million provide represents about 0.15% of the sector, leaving it far behind incumbents with deeper change liquidity, broader integrations and established fee utilization.
The subsequent check begins as Open Standard expands distribution past launch liquidity. Coinbase begins supporting the network Oct. 1, whereas further Mastercard distribution through BVNK is deliberate, giving companies extra routes to carry, transfer and deploy OUSD throughout fee and treasury workflows.
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