Earlier this morning I posted the $OUSD launch. At the time the bottleneck was very clear: equity and liquidity commitments were in place, but circulating supply wasn’t provided.
Now the Bridge transparent interface is in place. As of 2026-10-01 01:10 UTC, $OUSD on-chain circulating supply is about $483.5 million, with reserves covering an equal amount, with a collateralization ratio of 1.0.
The structure isn’t fuzzy either: cash is about $272.2 million, and Treasuries about $211.2 million. This is the issuer-side real-time supply/reserve printout, not an independent audit report—don’t treat a transparent page as already-stamped attestation.
I’m only filtering on this one point: going live ≠ having volume. Only once there’s volume can we discuss whether channels like Coinbase have actually executed real trades. Liquidity commitment ≠ liquidity already delivered.
This does not constitute investment advice.