Open USD launches on four chains with $477 million reported supply

Open Standard launched Open USD, or OUSD, on September 30, moving the business-focused stablecoin from an announced project to a live asset on Base, Ethereum, Solana and Tempo. Bridge Building Inc., part of Stripe-owned Bridge, is the issuer.

The launch matters because OUSD combines blockchain issuance with distribution through large payments and crypto platforms. Open Standard says businesses can begin building through BVNK, Stripe and Visa’s Stablecoin Platform now, while Coinbase access is scheduled for October 1. That is a distribution plan, not evidence that businesses are already using OUSD at scale.

What became operational

Open Standard published contract addresses for each of the four launch networks and said minting and burning are offered at a one-to-one dollar conversion rate without a separate mint or redemption fee. Access remains subject to onboarding, eligibility, geographic restrictions and the terms of whichever provider a business uses.

The company also named Coinbase, Kraken and Uniswap as initial exchange venues. Availability should not be read as proof of deep liquidity on every venue or chain. The launch announcement did not report transaction volume, active customers or a chain-by-chain supply breakdown.

Aave Labs separately proposed adding OUSD to Aave’s Ethereum markets on September 30. Its governance post recommended supply and borrowing first, with collateral use disabled until the asset develops price history and on-chain liquidity. The proposal still requires community review and governance approval; it is not a completed Aave listing.

The first reserve snapshot

Bridge’s reserve dashboard reported 477,471,985 OUSD in circulation at 10:20 p.m. UTC on September 30 and displayed an equal dollar amount of reserve assets. It attributed 55.8% of the snapshot, or $266.2 million, to cash and 44.2%, or $211.2 million, to Treasuries. Bridge says the Treasury category includes money-market funds holding Treasury-bill ladders with maturities of less than three months.

Those figures are a point-in-time issuer dashboard, not an independent attestation. Open Standard says monthly reserve attestations will be published, but none was available on the launch page for the first-day balance. The dashboard also does not establish secondary-market liquidity, redemption speed or whether reported reserves would remain equal to supply after the displayed timestamp.

The one-to-one language describes the issuer’s conversion terms, not a guarantee that OUSD will trade at exactly $1 on every exchange. Aave Labs’ disclosure adds another operational limitation: entities must complete business identity checks through an integrator to mint or redeem, and redemptions are limited to 10% of outstanding supply within any 24-hour period. Aave Labs is an Open Standard partner, so its description is useful technical context but not independent validation.

Incentives shape the rollout

Open Standard says its network includes more than 200 financial institutions, fintech companies, banks and other businesses. Partners can earn rewards based on the supply and activity they generate, and some may earn equity in Open Standard. Those incentives distinguish the model from stablecoins whose reserve economics remain primarily with the issuer, but they also make partner counts an imperfect measure of independent demand.

The first-day evidence establishes a live, multichain stablecoin with substantial reported issuance and multiple integration paths. It does not yet prove durable payment use, broad redemption capacity or the accuracy of future reserve reporting. The next meaningful checks are the first third-party attestation, on-chain supply reconciliation across the four contracts, realized exchange liquidity and actual transaction activity.