OUSD Supply on Ethereum Reaches $60.4 Million in First Week
Written with artificial intelligence.
As of October 5, the supply of Open USD (OUSD) on Ethereum totaled $60.4 million, accounting for 9.1% of the overall supply of $666.3 million. The majority of the supply, 71%, was held on Tempo, highlighting a concentration of holdings across a few wallets.
OUSD Supply Breakdown
Open USD (OUSD) began its launch across multiple blockchains, including Ethereum, Base, Solana, and Tempo, on September 30. By October 5, the Ethereum supply reached $60.4 million, representing 9.1% of the total OUSD supply of $666.3 million. Notably, the Ethereum allocation was less than $100 million.
Wallet Concentration
Analysis from Crystal Intelligence revealed that a significant portion of OUSD holdings is concentrated, with just ten wallets holding 74% of the total supply. This concentration raises questions about the actual number of unique holders versus the wallet addresses, as some large wallets may be associated with partners or custodians rather than individual users.
Trading Activity
During the period from September 30 to October 5, decentralized exchange (DEX) trading volume across the four chains was approximately $4.1 million. Solana led with around $3.4 million, followed by Base with about $700,000, while Tempo recorded only $17,000 in trading volume. The data suggests a disparity between supply levels and trading activity.
Usage and Key Partnerships
OUSD, operated by Open Standard and issued by Bridge, offers one-to-one issuance and redemption backed by dollar reserves held by institutions including BlackRock and BNY. Stripe also announced on September 30 that it began supporting OUSD in its products. However, the concentration of wallets and low trading volumes indicate ongoing challenges in liquidity and distribution within the OUSD ecosystem.