Open USD had $666.3 million worth of tokens outstanding on Oct. 5, but the first snapshot of its distribution points to limited circulation beyond launch and custody accounts.
According to CryptoSlate, a wallet study by Crystal Intelligence found that 74% of OUSD, the stablecoin created by Open Standard, was held by just 10 wallets. The data was measured at 04:00 UTC on Oct. 5, less than a week after the token launched on Sept. 30.
The concentration matters because the size of a stablecoin’s supply does not, by itself, show how widely it is being used. Tokens can remain in wallets set aside for launch distribution, institutional custody or treasury purposes without being used for payments, settlement or trading. Crystal’s snapshot found substantial balances in those categories, while leaving activity outside public blockchains and within custody accounts unresolved.
Large balances remain in launch and custody wallets
Open Standard launched OUSD across Base, Ethereum, Solana and Tempo. Bridge describes Open Standard as an independent company founded by Coinbase, Mastercard, Shopify, Stripe and Visa, with more than 200 partners.
Crystal traced $396 million in OUSD to eight Tempo wallets that had been funded directly by Bridge. Those balances had not moved by the time of the Oct. 5 snapshot. The study also followed $200 million sent to Coinbase on Oct. 1 across the four networks and classified those tokens as remaining within Coinbase custody.
The classifications identify where the tokens were located, rather than all of the beneficial owners behind the accounts. Crystal said the data does not reveal off-chain usage or activity occurring inside custody arrangements. Similarly, placing tokens in a launch wallet does not demonstrate that they have been spent on goods or services, or used for settlement.
Tempo held 71% of the entire OUSD supply in the snapshot, making activity in its largest wallets particularly important for assessing whether the token is moving beyond its initial distribution. The first-week figures therefore show the scale of the launch inventory more clearly than they show broad adoption.
Open Standard’s planned use cases include recurring payments and treasury activity. The next test for the project is whether those intended uses lead to tokens leaving staged wallets and entering wider circulation. Bridge says it will not charge minting or redemption fees and will not impose liquidity restrictions that delay those transactions. Eligible businesses joining Open Standard can also earn rewards on OUSD balances held at Bridge.
Trading activity remains modest relative to supply
Public trading data provided a separate view of early activity. Crystal recorded approximately $4.1 million in decentralized-exchange trading between Sept. 30 and Oct. 5. Solana accounted for about $3.4 million of that amount, while Base contributed $700,000. Tempo recorded roughly $17,000, despite holding most of the outstanding supply.
Trading volume should not be treated as a complete measure of liquidity or payments. Volume indicates the value of recorded trades over a period; it does not show how much liquidity is available for a particular transaction or how much OUSD customers may be using in off-chain payments. Crystal said the latter activity remains unknown.
Transfer counts also require caution. The study recorded 11,544 OUSD transfers, but Crystal classified 8,377 of them—73%—as network-fee payments. Together, those fee transfers were worth only $3.33. This helps explain how the token could show a relatively high number of transfers while recording limited trading activity and little evidence of broad economic circulation.
The snapshot is an early measurement rather than a final judgment on the launch. Crystal identified several indicators that could provide a clearer picture over time: new mints beyond founder or partner allocations, movements out of staged wallets, redemptions and increased exchange activity on Tempo. Sustained circulation across a wider set of wallets would offer stronger evidence that OUSD usage extends beyond its initial allocations.
Moneyiar market picture
Moneyiar data at 10:44 a.m. on Oct. 7 showed Ethereum Name Service (ENS) at $6.4212605311, down 7.01% over 24 hours and 9.09% over seven days. Walrus (WAL) was priced at $0.0360938127, down 2.85% in 24 hours but up 5.73% over seven days.
At 10:43 a.m., Holo (HOT) stood at $0.0004295634, down 6.94% over 24 hours and 4.41% over seven days. OpenLedger (OPEN) was $0.1112951191 at 10:44 a.m., falling 7.07% over 24 hours and 14.65% over seven days.
