How OUSD holds its peg

Open USD is a dollar token run by a group of payment companies, not one issuer. Bridge, a Stripe company, mints it when dollars arrive and burns it when they leave.

Read how it works

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Just minted and burned

    OUSD tokens dollars, into and out of the reserve tokens being burned a chain's ledger flashes as it settles OUSD reserve: Treasury funds, cash
    Supply by chain Reading supplies…
    How this is read

    Each chain's on-chain supply, read from a public node every 10 to 30 seconds. On launch day the four add up exactly to the circulation Bridge reports. Use the arrow keys to read each row.

    OUSD supply on each chain
    ChainSupplyShareRead at
    Minted and burned
    • minted, up
    • burned, down

    Use the left and right arrow keys to read each column. In live mode each column is one minute; minutes before you connected include only Tempo, Base and Ethereum.

    OUSD minted and burned in each recent period
    PeriodMintedBurnedNet
    What just happened (illustrative) 0 OUSD in circulation 0 in reserve 0 minted 0 burned 0 chains shown

      The parts that make this work

      What Open USD is

      Open USD (OUSD) is a US dollar stablecoin that went live on September 30, 2026 on four chains: Tempo, Base, Ethereum and Solana. Like USDC, each token is meant to be redeemable for one dollar held in reserve. It's run by Open Standard and issued by Bridge, a Stripe company, and Stripe made it the default stablecoin across its products on launch day.

      The ticker isn't unique. Origin Protocol's Origin Dollar, a yield-bearing token launched in 2020 whose balances grow by rebasing, also trades as OUSD; about 6.1 M of it existed on Ethereum on September 30, 2026. This page is about Open USD.

      A standard, not one company's coin

      USDC is issued by one company, Circle, which owns the brand and earns the income on its reserve. Open Standard is set up the other way round. Its founding partners, Coinbase, Mastercard, Shopify, Stripe and Visa, each hold an equal initial equity stake and together committed more than $1 billion of launch liquidity; more than 200 banks, fintechs and other companies had joined as partners by launch. Open Standard's executives run it day to day, Bridge issues the token, and most of the equity is to be handed out over four to five years according to how much supply and activity each partner brings.

      The money follows the same idea. The reserve's income, minus a management fee, goes back to partners as rewards in proportion to the OUSD balances and activity on their platforms. Stripe says businesses can earn rewards on their OUSD balances held with it.

      Minting and redeeming

      Businesses mint and redeem one for one against dollars with no fee, through Stripe, BVNK and Visa's Stablecoin Platform at launch, and through Coinbase from October 1, 2026. Everyone else can trade it on Coinbase, Kraken and Uniswap. The free, uncapped round trip is what's meant to hold the price at a dollar.

      On-chain, a mint is a transfer from the zero address and a burn is a transfer to it, which is how live mode finds them. On Solana OUSD is a Token-2022 mint whose extensions include a freeze authority, a permanent delegate and a pause switch, so the issuer can freeze, move or halt tokens.

      What backs each token

      Bridge publishes a reserve page for OUSD. At 11:10 pm UTC on September 30, 2026 it showed 478,471,985 OUSD in circulation against reserve assets of $478,471,985. The reserves are held at BlackRock, Lead Bank and BNY.

      OUSD reserve, September 30, 2026
      Held inUS dollars
      Cash267,241,277
      Treasuries: money market funds holding T-bills of under three months211,230,708
      Total reserve478,471,985

      These are Bridge's own figures from launch day. Open Standard says monthly attestations will be published on the same page; none had been by September 30, 2026. The reserve isn't on-chain: live mode shows these figures as reported, not as they are now. Source: Bridge, Open USD reserves; Open Standard, "OUSD is live".

      Liquidity isn't supply

      The "more than $1 billion" in launch coverage is what the founding partners committed for liquidity, not tokens in existence. What exists is on-chain: at the end of launch day about 435 M OUSD on Tempo, 18 M on Solana, 15 M on Base and 10 M on Ethereum, 478 M in all, matching Bridge's circulation figure to the dollar.

      A transfer is only as final as its chain

      Bridge takes no part in an ordinary transfer. Tempo is a payments blockchain incubated by Stripe and Paradigm, live since March 18, 2026, whose validators include Stripe, Visa, MoneyGram and Zodia Custody. On Solana a transfer is final when the slot is finalised; on Ethereum, after about two epochs of validator attestations. Base orders its own transactions and settles to Ethereum later. The same token has four kinds of finality.

      What live mode shows

      Live mode reads OUSD's supply on all four chains straight from public nodes and adds it up. On Tempo it reads every OUSD transfer every few seconds, which gives the transfers/s figure and each mint and burn. On Base and Ethereum it polls for mints and burns every 12 to 15 seconds. On Solana it shows a change in supply between two readings as a net mint or burn. OUSD is new, so the amounts are small and the transfer rate is low; the chart and strip show mints from about ten thousand OUSD up. Every figure on screen is real except the reserve, which is Bridge's launch-day figure, labelled with its date.

      What the animation simplifies

      The reserve is drawn as one vault; in reality it's cash at banks and fund shares at an asset manager, and dollars move by bank transfer. Each chain is a small ring of wallets, not thousands of accounts. Step-by-step mode starts from an illustrative 500 M split the way the real supply is, and the rewards step shows no tokens because rewards don't change supply. Read Open Standard's site for the details.