A stablecoin backed by Coinbase, Mastercard, Shopify, Stripe and Visa is one week old, and its on-chain data is more concentrated than the headlines suggest.
đ What happened
Per CryptoSlate, Open USD had $666.3 million outstanding as of October 5, with 74% in just 10 wallets and $396 million unmoved in eight Tempo wallets funded by Bridge.
đ Why it matters
âą Supply is not usage: DEX volume from September 30 to October 5 was only about $4.1 million, mostly on Solana.
âą Open USD offers no minting or redemption fees for qualifying businesses, a direct challenge to the $USDC model.
âą About $200 million moved into Coinbase custody on October 1.
đ What to watch
âą Whether the parked supply starts moving into payments or trading.
âą Counterpoint: CryptoSlate notes off-chain and custody-account activity is not measured, so real usage may be higher.
đŹ Can a stablecoin backed by payment giants take share from USDC and USDT?
#Stablecoins #USDC
đ What happened
Per CryptoSlate, Open USD had $666.3 million outstanding as of October 5, with 74% in just 10 wallets and $396 million unmoved in eight Tempo wallets funded by Bridge.
đ Why it matters
âą Supply is not usage: DEX volume from September 30 to October 5 was only about $4.1 million, mostly on Solana.
âą Open USD offers no minting or redemption fees for qualifying businesses, a direct challenge to the $USDC model.
âą About $200 million moved into Coinbase custody on October 1.
đ What to watch
âą Whether the parked supply starts moving into payments or trading.
âą Counterpoint: CryptoSlate notes off-chain and custody-account activity is not measured, so real usage may be higher.
đŹ Can a stablecoin backed by payment giants take share from USDC and USDT?
#Stablecoins #USDC