OUSD goes live with $666m on Bridge, not a $1bn mint

Open USD (OUSD) went live on September 30, 2026, and the figure that travelled furthest is not the figure on the issuer's pages. Reports have described a $1 billion-plus commitment from Coinbase, Mastercard, Shopify, Stripe and Visa, sometimes as a mint and sometimes as liquidity already provided. Open Standard's go-live note states neither. Bridge's OUSD reserves page, timestamped 1:10 p.m. UTC on October 3, showed 666,212,751 OUSD in circulation against $666,212,863 of reserve assets.

The billion-dollar line that does exist is not a mint receipt. On September 24, Open Standard wrote that Coinbase, Mastercard, Shopify, Stripe and Visa were "helping establish OUSD supply, delivering $1B+ in near term launch liquidity." On launch day Bridge said it had "issued over $1 billion across dozens of stablecoins, including OUSD." Neither figure is the 666.2 million float on the dashboard.

What went live on September 30

OUSD is issued by Bridge, a Stripe company. The integrate page and Bridge's footnote name the issuer as Bridge Building Inc. The Office of the Comptroller of the Currency (OCC) has conditionally approved Bridge National Trust Bank, Bridge says. That bank is not operational, does not issue OUSD, and the approval is not a final charter or authority to issue the token under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).

Related:Roughrider Coin goes live on Fiserv's banking rail

Bridge says the token is live on Base, Ethereum, Solana and Tempo. Open Standard published the contracts:

• Base: 0xB2000000000000000000002fEb517dFeC7415344
• Ethereum: 0x9f6F3991D525015a6F8CaF062C83b62fD3AC4436
• Solana: ousd2mJsPEckLHcSCDxyKD7NDGARZcfLbDZkKiatYHB
• Tempo: 0x20c0000000000000000000006a37DA5C996874BE

Each path supports a free 1:1 mint and burn. Bridge will not charge those fees or impose liquidity restrictions that delay them. Listings are still ahead of the fact: OUSD "will be available" starting with Coinbase, Kraken and the decentralised exchange Uniswap. The note puts the network above 200 firms. This desk covered the July announcement aimed at Circle's USD Coin (USDC).

Cash, T-bills, and a $112 gap

Reserves are held at BlackRock, Lead Bank and BNY, Open Standard says, with monthly attestations promised at the same URL. The October 3 page is a dashboard, not a file labelled as an accountant's attestation. It shows $77,968,460 of cash, 11.7%, and $588,244,291 of Treasury exposure, 88.3%, in money-market funds of T-bill ladders shorter than three months. Those two lines sum to tokens outstanding. Assets are $112 higher, which the page calls "$112 overcollateralized" at "100.00% collateralized." Until an attestation is posted, that dashboard is the only primary OUSD supply figure.

Who opened a pipe

On September 30, firms could build through BVNK, Stripe and the Visa Stablecoin Platform, with Coinbase from October 1. The integrate page on October 3 lists Stripe, Bridge and Privy; Mastercard; Coinbase; and Visa. Shopify is a founder on the September 24 note and on Bridge's post, and it has no tile.

BVNK is the Mastercard route, the firm this desk reported Mastercard had finished buying. Visa's route is the Visa Stablecoin Platform. Stripe's is Bridge's OUSD docs, which also describe rewards on balances held at Bridge. Coinbase is a partner, a path and a venue. No primary page splits volume by pipe.

Stablecoins should be better money. Today, they fall short. OUSD is built to change that.

Zach Abrams, founding chief executive of Open Standard, posted that on X on September 30. On September 24 the firm said he would stop running Bridge alongside Open Standard.

Dan Romero, chief business officer at Tempo, told American Banker: "For a new stablecoin, liquidity on day one determines what businesses can actually do with it." The paper also wrote that partners had "provided $1 billion" of initial liquidity, and it dropped Shopify from the founder list. Neither point is in the September 30 posts.

What would make the liquidity line true

Partners earn rewards, and can earn equity, in proportion to supply and activity. A June piece here reported USDC leading stablecoin volume while Tether (USDT) still led supply, and 666.2 million OUSD does not change either ranking. A free 1:1 mint removes the spread and does not create buyers. U.S. Bank's USBDC, live on Stellar with clawback, is the bank-token alternative these posts do not match.

Treat the September 24 line as a plan. Circulation either climbs from 666.2 million toward "$1B+" or it stalls. A monthly attestation either appears at the reserves URL or the live page stays the record. Shopify and Coinbase either show activity, mint and burn, or the distribution story stays a menu. Bridge's multi-coin "over $1 billion" is not this token's supply.

This article is informational analysis only and is not financial, investment, or trading advice. Cryptocurrencies are highly volatile and can lose substantial value rapidly. Past performance and historical patterns do not guarantee future results. Do your own research and consult a regulated financial adviser before making any investment decision.