Open Standard’s OUSD stablecoin reaches $666.3 million market cap

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OUSD, the stablecoin from Open Standard, now carries a market cap of $666.3 million, according to figures shared by the project. It has also logged $2.6 billion in transfer volume across multiple blockchains.

That is a quick start for a token that only went live on September 30, 2026. It is also an unusual one: the coin has just 554 holders.

A small crowd moving a lot of money

Research compiled on the token puts its early October market cap at approximately $666 million to $668 million. Circulating supply sits at around 666 million to 668 million tokens, consistent with a peg of roughly $1.00.

OUSD runs natively on Ethereum, Solana, Base and Tempo. Since launch, it has been listed on Coinbase, Kraken and Uniswap, with no reported deviations from its $1 peg.

Who is behind OUSD

The cap table reads like a who’s who of payments. Coinbase, Mastercard, Shopify, Stripe and Visa are the founding partners, and each holds an equal equity stake.

Those partners have committed more than $1 billion toward initial liquidity. The current market cap still sits below that commitment, which leaves room for supply to grow as the backing gets put to work.

The token itself is issued by Bridge, the stablecoin infrastructure company Stripe acquired in 2024 for $1.1 billion. Open Standard CEO Zach Abrams co-founded Bridge.

Reserves are held with BlackRock, Lead Bank and BNY.

Open Standard first announced the project on June 30, 2026. The launch followed three months later.

The zero-fee pitch

OUSD’s main selling point for businesses is cost. Companies can mint and redeem the stablecoin without fees through integrations with Stripe and Visa.

Coinbase joined that list starting October 1.

After a management fee, most of the earnings generated by OUSD’s reserves are distributed to the partners based on how much usage each one drives.