Open USD had $666.3 million outstanding on Oct. 5, but most of that supply remained in launch and custody wallets, according to Crystal Intelligence’s wallet study published Oct. 6.
The findings show substantial launch inventory, with little evidence of wider circulation yet.
Open Standard created the token OUSD, which launched Sept. 30 on Base, Ethereum, Solana and Tempo. Bridge describes Open Standard as an independent company founded by Coinbase, Mastercard, Shopify, Stripe and Visa, with more than 200 partners.
The launch distribution plans made recurring payment and treasury demand the next adoption test. Crystal’s study tracks the subsequent wallet allocation and activity, with balances measured at 04:00 UTC on Oct. 5.
Crystal identified $396 million in eight Tempo wallets funded directly by Bridge that had not moved those funds by the snapshot. In a separate allocation, it traced $200 million sent to Coinbase on Oct. 1 across the four chains and said that money remained within Coinbase custody.
Those classifications describe where tokens sit, without revealing all the beneficial owners behind custody accounts. The study leaves off-chain usage and activity inside those accounts unknown. Funding a launch wallet also does not establish that its balance has been spent on goods, services, or settlement.
Ten wallets held 74% of OUSD supply in Crystal’s snapshot, and Tempo accounted for 71% of the total. That makes the largest balances important to any assessment of subsequent circulation.
Open USD transfer counts and trading measure different activity
Crystal recorded about $4.1 million in trading on decentralized exchanges from Sept. 30 through Oct. 5. Solana accounted for $3.4 million, Base for $700,000, and Tempo for roughly $17,000, despite hosting most of the supply.
Trading turnover is also a different measure from the liquidity available to execute a trade or the value of customer payments.
Bridge says it will charge no minting or redemption fees and impose no liquidity restrictions delaying those transactions. Qualifying businesses joining Open Standard can also earn rewards on OUSD balances held at Bridge.
Tempo’s transfer count needs a further adjustment because OUSD fee payments are recorded as transfers. Of 11,544 OUSD transfers, Crystal classified 8,377 (73%) as network-fee payments worth just $3.33 in total.
These fee transfers help explain why a busy transaction count can coexist with little measured trading.
These first-week measurements also cannot establish that the launch has failed. Crystal’s next signals to watch include mints beyond founder or partner placements, transfers out of staged wallets, redemptions and Tempo exchange activity.
Sustained wider circulation would add evidence that the launch allocations alone cannot provide.
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