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.
📌 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.
🔍 Why it matters
• Supply is not usage: DEX volume from September 30 to October 5 was only about $4.1 million, mostly on Solana.
• Open USD offers no minting or redemption fees for qualifying businesses, a direct challenge to the $USDC model.
• About $200 million moved into Coinbase custody on October 1.
👀 What to watch
• Whether the parked supply starts moving into payments or trading.
• Counterpoint: CryptoSlate notes off-chain and custody-account activity is not measured, so real usage may be higher.
💬 Can a stablecoin backed by payment giants take share from USDC and USDT?
#Stablecoins #USDC
📌 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.
🔍 Why it matters
• Supply is not usage: DEX volume from September 30 to October 5 was only about $4.1 million, mostly on Solana.
• Open USD offers no minting or redemption fees for qualifying businesses, a direct challenge to the $USDC model.
• About $200 million moved into Coinbase custody on October 1.
👀 What to watch
• Whether the parked supply starts moving into payments or trading.
• Counterpoint: CryptoSlate notes off-chain and custody-account activity is not measured, so real usage may be higher.
💬 Can a stablecoin backed by payment giants take share from USDC and USDT?
#Stablecoins #USDC