Open USD (OUSD), a stablecoin backed by commitments exceeding $1 billion from Coinbase, Mastercard, Shopify, Stripe and Visa, became operative on October 30 across Ethereum, Solana, Base and Tempo. But figures published by reserve manager Bridge and tracked independently by DeFiLlama show a circulating supply well below the headline figure, a discrepancy that invites scrutiny from European observers accustomed to stricter reserve disclosure rules under the bloc's stablecoin regime.
Bridge's reserves dashboard, updated at 19:30 UTC on September 30, listed 477,338,360 OUSD in circulation, matched by USD 477,338,360 in reserve assets — a reported coverage ratio of 100%. Of those reserves, 55.7% were held in cash, with the remaining 44.3% in US Treasury securities and money market funds holding Treasury bills of under three months' maturity. DeFiLlama's figures as of October 1 put OUSD's market capitalisation and circulating supply at approximately $490 million, broadly consistent with Bridge's numbers but still less than half the $1 billion commitment publicised at launch.
Where the tokens actually sit
DeFiLlama's chain-by-chain breakdown shows the bulk of circulating OUSD concentrated on Tempo, at approximately $447 million, with the remaining networks accounting for far smaller amounts: roughly $18 million on Solana, $15 million on Base and $10 million on Ethereum. CoinGecko data shows the token trading at approximately parity with the dollar across three markets, with Orca the most active venue, followed by Uniswap V4 on Base. Open Standard documentation lists Coinbase, Kraken and Uniswap as available platforms at launch, alongside native deployment on the four networks, and describes a 1:1 mint and redemption mechanism against the dollar without cost.
Bridge holds reserves through BlackRock, Lead Bank and BNY, and its terms require maintaining an aggregate value of at least one dollar per pending token using liquid assets such as Treasury bills, repurchase agreements and government money market funds. The company has said it will publish certifications of those reserves on a monthly basis.
A commitment, not yet a circulation figure
Analysis from Cleartext notes that more than 200 integrators have announced plans to integrate OUSD, though not all are necessarily processing settlements yet. That detail, combined with the gap between the $1 billion commitment and the roughly $480-490 million actually in circulation, underscores that the headline figure reflects pledged liquidity rather than tokens issued or economic activity already taking place on the networks where OUSD operates.
For a European audience watching the implementation of the bloc's stablecoin oversight framework, the episode is a reminder that headline liquidity commitments from large corporate backers do not necessarily translate, in the short term, into matching circulating supply or settlement volume — a distinction that reserve dashboards and on-chain trackers, in this case, have made visible within weeks of launch.
