Open USD (OUSD) had $666.3 million outstanding on October 5, 2025, according to a Crystal Intelligence wallet study published October 6. Ten wallets held 74% of that supply at the snapshot time (04:00 UTC). The stablecoin launched September 30, 2025, on Base, Ethereum, Solana, and Tempo, and less than a week in, the concentration is stark.
The Tempo connection
Tempo accounted for 71% of the total OUSD supply. Crystal Intelligence identified $396 million sitting in eight Tempo wallets that Bridge funded directly. Those funds hadn't moved by the snapshot. That's not a rounding error — it's the bulk of the float, parked in staged wallets.
Open Standard created OUSD. Bridge describes Open Standard as an independent company founded by Coinbase, Mastercard, Shopify, Stripe, and Visa, with more than 200 partners. The $396 million in Tempo wallets is separate from another $200 million that Crystal traced to Coinbase on October 1 across the four chains. Those funds remained within Coinbase custody at the time of the study.
Where the trading is
Observed decentralized exchange trading totaled about $4.1 million during the first week. Solana did $3.4 million of that, Base $700,000, and Tempo roughly $17,000. Crystal counted 11,544 OUSD transfers, of which 8,377 — 73% — were classified as network-fee payments. Those 8,377 transfers were worth just $3.33 in total. In other words, most of the on-chain activity wasn't users moving value around; it was the network collecting fees.
The numbers paint a picture of a stablecoin that's live on four chains but hasn't yet seen organic circulation at scale. That's not unusual for a launch week, but it does mean the headline supply figure needs context. The tokens exist; they just aren't moving.
What Bridge says about the guardrails
Bridge says it will charge no minting or redemption fees and impose no liquidity restrictions delaying those transactions. Qualifying businesses joining Open Standard can earn rewards on OUSD balances held at Bridge. Those terms are designed to encourage adoption, but they don't change the concentration of supply at the snapshot.
The study leaves off-chain usage and activity inside custody accounts unknown. Funding a launch wallet doesn't establish that its balance has been spent on goods, services, or settlement. That's a gap Crystal flags explicitly — the on-chain data can't tell you what happens behind the custody wall.
What Crystal is watching next
Crystal's next signals to watch include mints beyond founder or partner placements, transfers out of staged wallets, redemptions, and Tempo exchange activity. Any of those would suggest the supply is starting to circulate rather than sit. Until then, the first-week picture is a lot of tokens in a few hands, a small amount of DEX volume, and a whole lot of network-fee transfers that don't tell you much about demand.
The immediate question is whether those staged Tempo wallets start moving — and where the funds go if they do. Crystal's next update will be the one to check.
