Open Standard’s OUSD stablecoin adds $626.3 million in a week

Open Standard’s stablecoin market cap grew by $626.3 million over the past week. For a token that only recently went live, that is a fast start.

The stablecoin is called Open USD, or OUSD. It is backed by a consortium that reads like the guest list at a payments industry gala: Coinbase, Mastercard, Shopify, Stripe and Visa.

OUSD went live on September 30, 2026. It launched across several blockchains at once, including Ethereum, Base, Solana and Tempo.

Within days, circulating supply reached approximately $666 million to $668 million. The initial supply was somewhere between $468 million and $477 million.

The founding partners committed more than $1 billion in liquidity support at launch.

The reserves behind OUSD are held at BlackRock, Lead Bank and BNY Mellon.

Open Standard was first announced on June 30, 2026. Since then, the partner list has grown from 140 companies to more than 200. New names include UBS and SBI Holdings.

Zach Abrams, CEO of Bridge, has led OUSD’s strategic positioning throughout its development.

The business model is the real story

Most large stablecoins work on a simple formula. Users hand over dollars, the issuer invests those dollars in reserve assets, and the issuer keeps most of the interest.

OUSD flips that. Its shared-economics model routes reserve earnings primarily to partner businesses instead of keeping them at the issuer level.

The token also offers fee-free minting and burning at scale.

That approach could disrupt the traditional economics of a market dominated by Tether’s USDT and Circle’s USDC.

Built for payments, not just trading

The token has been positioned for payments and banking use cases rather than purely as a trading vehicle. That fits the partner roster, which leans heavily on companies that move money for merchants and consumers.

Shopify runs storefronts. Visa and Mastercard run card networks. Stripe processes online payments. Coinbase runs one of the largest crypto exchanges.

What the $626.3 million week means

OUSD’s current supply of approximately $666 million to $668 million represents a sliver of a total stablecoin market sitting above $300 billion. USDT and USDC are not going to lose sleep over one strong week.

A revenue-sharing model gives partners a direct financial reason to push OUSD over rivals at checkout, in wallets and in treasury flows.

One open question is whether the more than $1 billion in liquidity support converts into steady organic demand, rather than a launch-week bump that fades.

Another is whether the 200-plus partner network actually ships OUSD into real products.