Open USD bets Stripe’s $1.9 trillion network can break USDT and USDC’s grip

Open USD, a new stablecoin backed by more than 200 organizations, has launched with about $468 million in circulation and a distribution partnership with Stripe, one of the largest payment networks.

OUSD, issued for Open Standard, had 468.4 million tokens outstanding following its Sept. 30 debut. Reserve data showed about $468.45 million of backing assets, split between $257.2 million in cash and $211.2 million in 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. OUSD is issued natively on Tempo, Base, Ethereum, and Solana, giving businesses several venues for payments, settlement, and treasury operations.

Stripe said it is partnering with Open Standard to make OUSD available across parts of its payments stack. Businesses can hold the token through Stripe Treasury, send it through Global Payouts, accept it with Payments and use it with stablecoin-backed card products, subject to product and geographic availability.

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 current circulation amounts to less than 0.3% of that monthly figure, illustrating the scale of the network through which Stripe could distribute the token if businesses begin using it for payments and treasury activity.

Open Standard has also assembled more than 200 financial institutions, fintechs, banks and businesses as partners. Stripe, Visa, Mastercard, Coinbase and Shopify were among its founders, while businesses can begin integrating OUSD through Stripe, BVNK and Visa.

Stripe co-founder and Chief Executive Patrick Collison said Open Standard was designed so that most reserve yield flows back to participating partners rather than being retained by the stablecoin issuer.

Open Standard says those rewards are allocated based on OUSD supply and the activity partners generate, giving payment companies and platforms an economic incentive to distribute the token.

That model enters a market where scale remains heavily concentrated. Dollar stablecoins are worth more than $300 billion, according to CryptoSlate's data, with Tether’s USDT at roughly $183.8 billion and Circle’s USDC near $74.1 billion. Together they account for about 84% of the market.

OUSD’s roughly $468 million supply represents about 0.15% of the sector, leaving it far behind incumbents with deeper exchange liquidity, broader integrations and established payment usage.

The next test begins as Open Standard expands distribution beyond launch liquidity. Coinbase starts supporting the network Oct. 1, while additional Mastercard distribution through BVNK is planned, giving businesses more routes to hold, move and deploy OUSD across payment and treasury workflows.

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