Open USD's $468 million launch supply equals about two hours of Stripe's 2025 volume

Stripe's $1.9 trillion of 2025 volume ^[14] works out to about $217 million an hour, so the 468.4 million OUSD tokens outstanding after the Sept. 30 debut ^[12] equal a little over two hours of Stripe's flow ^[21]. CryptoSlate ran the monthly version, against roughly $158 billion a month, and got under 0.3% ^[14][15]. Against the incumbents the ratio runs the other way: USDC, at about $74.1 billion, is roughly 158 times OUSD's size, and USDT about 392 times ^[25][26].

Where that supply sits matters more than its size. The Tempo pools hold liquidity equal to about 85% of circulating supply ^[23], though CryptoSlate does not say how much of it is OUSD and how much is the asset on the other side of each pool. American Banker reported that the founding partners, Mastercard, Visa, Stripe and Coinbase, put up $1 billion of initial liquidity ^[7]. The float is about 47% of that ^[18]. The two outlets may be counting different things, committed against deployed money perhaps. On either count, today's supply fits inside the founders' own commitment, so it cannot yet separate their money from customer demand ^[18]. "For a new stablecoin, liquidity on day one determines what businesses can actually do with it," Tempo Chief Business Officer Dan Romero told American Banker in an email ^[17].

The partner incentive waits on the same growth. According to CryptoSlate, Stripe co-founder and chief executive Patrick Collison said Open Standard was designed so that most reserve yield flows back to participating partners ^[4], who receive it in proportion to OUSD supply and the activity they generate ^[5]. Cash is about 55% of the reserve ^[22]. Each percentage point of annual yield on the full reserve is about $4.7 million ^[19]. Spread across the 200-plus partners CryptoSlate counts ^[1], that is about $23,000 apiece, or rather a share of it weighted by activity, since the split follows supply and volume ^[19][5]. The same point on USDC's float would be about $741 million ^[20].

The route that matters most is Stripe customers moving Treasury and Payouts balances into OUSD ^[6]. In the data it would look like supply growing while pool liquidity stays flat. A second route runs through trading: Coinbase begins supporting the network on Oct. 1 ^[24], and Open Standard CEO Zach Abrams lists institutional trading among the top use cases ^[11]. That adds float without the transaction volume Keybanc says has to be weighed alongside supply when judging the hit to Circle ^[9]. The third outcome is supply sitting near launch levels, with OUSD mostly a pool asset on Tempo.

I'd expect the trading route to show first, because an exchange listing switches on faster than a corporate treasury policy changes. The case against that view is Stripe's reach: a business already on Stripe can hold, pay out and accept the token without adding a vendor ^[6]. The view is wrong if Stripe or Open Standard reports that payouts and Treasury balances, not exchange and pool holdings, account for most of the growth in supply.

Keybanc said in its note that it expects usage data and commercialization efforts to be the most meaningful near-term catalysts for interpreting the implications for the sector ^[10].