Stripe processed $1.9 trillion in total payment volume in 2025. Open USD is betting that distribution footprint can break into a stablecoin market that Tether and Circle have dominated for years.

The token, issued by Open Standard, debuted on Sept. 30 with 468.4 million tokens outstanding. Reserves stood at roughly $468.45 million, split between $257.2 million in cash and $211.2 million in U.S. Treasuries and short-duration money-market funds, per reserve data published by Bridge.

OUSD went live natively on Tempo, Base, Ethereum and Solana. More than $400 million in liquidity already sits across decentralized exchanges, stablecoin swaps and cross-chain bridges.

What does Stripe's distribution engine add?

Stripe is taking OUSD into parts of its payments stack. Businesses can hold the token through Stripe Treasury, send it through Global Payouts, accept it via Payments, and use it in stablecoin-backed card products, subject to product and geographic availability.

Stripe co-founder and Chief Executive Patrick Collison said Open Standard "was designed so that most reserve yield flows back to participating partners rather than being retained by the stablecoin issuer." Open Standard allocates those rewards based on OUSD supply and the activity partners generate, giving payments platforms a direct economic reason to push the token.

The economics matter because Stripe's reach outstrips any existing crypto-native distribution channel. Its 2025 volume of $1.9 trillion rose 34% year-over-year, equivalent to roughly $158 billion a month. OUSD's $468 million supply amounts to less than 0.3% of that monthly figure.

How wide is the distribution coalition?

Open Standard has assembled more than 200 financial institutions, fintechs, banks and businesses as backers. Stripe, Visa, Mastercard, Coinbase and Shopify sit among the founders. Businesses can begin integrating OUSD through Stripe, BVNK and Visa today.

Integration status by network breaks down as follows:

• Stripe: live across Treasury, Global Payouts, Payments and card products, with private-preview card issuing
• Visa: limited beta access and a forthcoming API
• Mastercard: announced future BVNK availability, with no firm date
• Coinbase: begins supporting the network on Oct. 1

The token mints and redeems at 1:1 with no fees at the issuer level. Transactions carry an unspecified Open Standard fee.

How far behind are the incumbents?

Dollar stablecoins total more than $300 billion in circulation, per CryptoSlate data. Tether's USDT holds roughly $183.8 billion, while Circle's USDC sits near $74.1 billion. Together the two capture about 84% of the market.

OUSD's $468 million supply represents roughly 0.15% of the sector. The new entrant arrives without the exchange liquidity, integration depth or payments adoption that USDT and USDC built across multiple cycles.

What is the next test?

The next test runs through the partner rollout. Coinbase begins supporting the network on Oct. 1, and additional Mastercard distribution through BVNK is planned, giving businesses new routes to hold, move and deploy OUSD across payment and treasury workflows.

The integration slate, combined with the 200-plus partner roster, sets up a clear run-rate question: whether OUSD can convert Stripe's $1.9 trillion processing footprint into measurable stablecoin share before competitors deepen their own rails. October transaction data, reserve growth and partner volume disclosures will give the first measurable answers.