Open USD Launches With $477 Million in Supply

Open Standard launched Open USD (OUSD) on September 30, with circulating supply exceeding 477 million tokens on its first day. The dollar-backed stablecoin gives businesses new integration options for payments, settlement, and corporate money management, alongside a model that shares reserve earnings with participating companies.

Bridge Issues Open USD With Dollar Reserves

Bridge, a Stripe company, issues the stablecoin, while Open Standard operates the program. According to the launch announcement, reserves are held at BlackRock, Lead Bank, and BNY, with reserve attestations scheduled for monthly publication.

Bridge’s dashboard, updated at 8:00 p.m. UTC on September 30, reported 477,469,485 tokens in circulation and an equal dollar value of reserve assets. Cash represented approximately $266.2 million, or 55.8%. The remaining $211.2 million was allocated to Treasury assets, including money market funds holding Treasury bill ladders with durations under three months.

The five founding partners are investing in Open Standard and helping establish supply. The company’s September 24 announcement outlined more than $1 billion in near-term launch liquidity, a broader commitment than the amount already recorded in circulation.

Open Standard plans a board drawn from its founding partners and representing shareholders. Participating businesses can also earn equity based on the supply and activity they generate.

Free Dollar Conversion and Shared Earnings

Business integrations opened through BVNK, Stripe, and the Visa Stablecoin Platform on September 30, with Coinbase access scheduled for October 1. Open Standard presents four integration paths under Coinbase, Mastercard, Stripe, and Visa, covering services such as wallets, settlement, foreign exchange, and connections between bank accounts and blockchain assets.

Each path supports minting and redemption at one token per U.S. dollar without a conversion fee. Businesses access these services through their chosen provider, subject to its onboarding and eligibility requirements.

The program also distributes reserve earnings to participating businesses after a small management fee. Rewards depend on the OUSD supply and activity partners bring to their platforms. More than 200 financial institutions, fintech companies, and other businesses have signed up.

Open Standard’s revenue model includes a separate transaction component. CEO Zach Abrams described a small transaction fee charged to developers in September, alongside the policy of free minting and redemption.

The intended applications include merchant settlement, institutional trading, and corporate treasury management. Abrams described merchants receiving and deploying proceeds around the clock, while businesses could move idle funds into and out of tokenized money market products.

Brale’s Role in Cardano Stablecoin Infrastructure

Brale joined Open Standard’s partner network after announcing its Cardano Foundation partnership on November 13, 2025. That collaboration targets regulated issuance of customized, fiat-backed stablecoins directly on Cardano.

Its scope includes token issuance and management, custody, reserve operations, and conversion between fiat money and stablecoins. The partnership announcement identified cross-border payments, payroll, business settlement, and corporate treasury operations as potential applications.

For Cardano developers and institutions, these services address the operational requirements behind digital dollars: maintaining reserves, connecting to banking services, and supporting issuance and redemption.

The Cardano Foundation welcomed Open USD’s announcement on July 2, highlighting Brale’s participation as a launch partner. It also stated that it was exploring additional integration options.

At launch, native OUSD support covers Ethereum, Solana, Base, and Tempo. Open Standard has published official token addresses for those networks and opened business integration routes through its distribution partners. The launch announcement includes no Cardano deployment or timetable.