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

Open USD, a newly introduced stablecoin supported by a coalition of over 200 entities, has debuted with roughly $468 million circulating and a major distribution alliance with prominent payment network Stripe.

Known as OUSD and issued by Open Standard, the token recorded 468.4 million outstanding tokens following its launch on September 30. Reserve records indicated approximately $468.45 million in backing assets, divided into $257.2 million held in cash alongside $211.2 million in short-duration money-market funds and Treasuries.

Furthermore, the token launched on Tempo, bringing over $400 million in liquidity across stablecoin swaps, bridges, and decentralized exchanges. OUSD is minted natively on Solana, Ethereum, Base, and Tempo, providing enterprises with multiple avenues for treasury management, settlement, and transactions.

Stripe announced it is collaborating with Open Standard to integrate OUSD into segments of its payment infrastructure. Subject to geographic and product availability, enterprises can store the token via Stripe Treasury, disburse it through Global Payouts, receive it via Payments, and utilize it alongside card offerings backed by stablecoins.

Stripe puts a $1.9 trillion distribution engine behind OUSD

Stripe handled $1.9 trillion in total payment volume throughout 2025, marking a 34% increase year-over-year and translating to roughly $158 billion on a monthly basis.

With OUSD’s circulating supply currently representing under 0.3% of that monthly volume, the figures highlight the immense reach of the Stripe network through which the asset could be disseminated should merchants adopt it for financial operations and payments.

In addition, Open Standard has brought together more than 200 fintech firms, financial institutions, businesses, and banks as collaborators. While Shopify, Coinbase, Mastercard, Visa, and Stripe served as founding participants, companies can currently begin adopting OUSD via Visa, BVNK, and Stripe.

Patrick Collison, Stripe’s co-founder and CEO, noted that Open Standard was structured so that the majority of reserve yields return to participating allies instead of being kept entirely by the stablecoin issuer.

According to Open Standard, these incentives are distributed in accordance with partner-driven activity and OUSD circulation, offering platforms and payment providers a financial motivation to push the token.

This framework steps into a sector where market power remains heavily consolidated. Data from CryptoSlate indicates that dollar-pegged stablecoins exceed a valuation of $300 billion, with Circle’s USDC at approximately $74.1 billion and Tether’s USDT sitting near $183.8 billion. Combined, the two dominate roughly 84% of the industry.

Standing at roughly $468 million, OUSD’s supply accounts for approximately 0.15% of the market, placing it well behind established competitors that feature deeper liquidity pools, extensive integrations, and widespread transactional use.

The subsequent phase unfolds as Open Standard broadens its reach past initial liquidity. Coinbase began supporting the network on October 1, and further rollout via BVNK using Mastercard is anticipated, granting enterprises additional pathways to store, utilize, and transfer OUSD across treasury and payment pipelines.

?Frequently Asked Questions

01What is Open USD (OUSD)?

Open USD is a newly launched stablecoin issued for Open Standard, backed by cash, Treasuries, and short-duration money-market funds, with a launch circulation of about $468 million.

02How does Stripe support OUSD?

Stripe partners with Open Standard to integrate OUSD across its payments stack, allowing businesses to hold, send, accept, and deploy the token through tools like Stripe Treasury and Global Payouts.

03Who are the major competitors OUSD is trying to challenge?

OUSD enters a market dominated by established stablecoins like Tether’s USDT and Circle’s USDC, which together command about 84% of the multi-billion-dollar stablecoin sector.