OUSD, the fiat-backed stablecoin issued by Stripe subsidiary Bridge, saw its Ethereum supply climb from roughly $10 million to more than $100 million within seven days of launch, according to on-chain data reviewed as of October 5, 2026.

The Bridge-issued token's broader debut pushed total cross-chain supply to between $666.3 million and $722 million by the same date, putting the Ethereum leg at roughly 14% of the full footprint. At launch, 71% of OUSD sat on the Tempo blockchain and only about 9% on Ethereum, before partner-driven minting reshuffled the distribution.

How did OUSD reach nine figures on Ethereum?

The Ethereum buildout reflects minting activity by the stablecoin's founding partners, who collectively committed over $1 billion in initial liquidity to the Open Standard consortium. That group comprises Coinbase, Mastercard, Shopify, Stripe and Visa. Subsequent placements with institutions and market makers added further supply on the network.

Stripe's 2024 acquisition of Bridge gave the payments company a direct stablecoin issuance rail. OUSD represents the subsidiary's flagship product through Open Standard, where the five founding partners hold equal equity stakes. Token distribution has so far centered on Tempo, the payments-focused chain associated with the consortium.

What does the supply structure look like?

The headline Ethereum figure conceals a stark concentration pattern at the network level. Ten wallets held approximately 74% of OUSD's total supply—across all chains—as of October 5. Holder counts across chains ranged between 554 and 613 addresses. Transfer volume on the same date reached $2.6 billion.

In practical terms, billions of dollars moved through a few hundred wallets. That activity profile fits institutional settlement flows rather than retail trading. Across all chains, decentralized exchange volume came to roughly $4.1 million in the first six days after launch—a ratio of about 634 transfer dollars for every dollar of on-venue trading.

How does redemption and reserve custody work?

OUSD operates as a fiat-backed stablecoin, with each token matched 1:1 by reserves held at BlackRock, Lead Bank and BNY Mellon. Holders mint and redeem on a 1:1 basis with no transaction fees and no volume caps. The token trades on Coinbase, Kraken and Uniswap and is accessible through Stripe, Visa and Mastercard payment rails.

What does concentration mean for market structure?

When a handful of wallets hold roughly three-quarters of supply, redemption decisions by a few counterparties can materially shift available liquidity on a given chain. Thin DEX trading compounds the issue: large block trades on decentralized venues would face slippage risk. The fee-free 1:1 redemption window, by contrast, offers institutional holders a clean exit that does not depend on exchange depth.

The trade-off is deliberate. Reserve custody at three systemically important banks and an unrestricted redemption mechanism aim to keep the $1 peg anchored even if secondary-market liquidity stays light. The structure effectively presumes that primary issuance and redemption, rather than secondary trading, will absorb most volume.

What to watch next

Three metrics will indicate whether OUSD's rollout is broadening into a market that smaller counterparties can actually trade:

• Holder count crossing well above the 554–613 range recorded by October 5, 2026
• Top-10 wallet share falling from approximately 74% of total supply
• DEX volume exceeding the roughly $4.1 million logged in the first six days

If these thresholds do not move over the coming weeks, the working picture will harden. OUSD will operate primarily as payments infrastructure, with secondary liquidity tied to whatever Tempo, Ethereum and any future chain deployments collectively allow.