{"id":1086,"date":"2026-10-08T00:00:41","date_gmt":"2026-10-07T16:00:41","guid":{"rendered":"https:\/\/onemoremoney.com\/onemorebitcoin\/open-usd-ousd-swift-ledger\/"},"modified":"2026-10-08T00:00:41","modified_gmt":"2026-10-07T16:00:41","slug":"open-usd-ousd-swift-ledger","status":"publish","type":"post","link":"https:\/\/onemoremoney.com\/onemorebitcoin\/open-usd-ousd-swift-ledger\/","title":{"rendered":"Open USD (OUSD) Explained: Can It Beat USDT, USDC and Swift?"},"content":{"rendered":"\n

Open USD (OUSD) Explained: Can It Beat USDT, USDC and Swift?<\/h1>\n\n\n\n

In the last week of September 2026, two very different visions of digital dollars went live within days of each other. On 30 September, Open USD (OUSD), a dollar stablecoin run by a company called Open Standard and backed by Stripe, Visa, Mastercard, Coinbase and Shopify, started trading on four blockchains. The same week, at Sibos in Miami, Swift CEO Javier P\u00e9rez-Tasso confirmed that Swift’s blockchain-based ledger for bank tokenised deposits was live.<\/p>\n\n\n\n

One is a stablecoin built by payments and technology companies. The other is the banking system’s own answer, keeping dollars inside regulated banks. This article explains what OUSD actually is, what changed between its announcement and its launch, how it compares with USDT and USDC, and where Swift’s ledger fits in the race to settle dollars across borders.<\/p>\n\n\n\n

1. Why Open USD Matters Now<\/h2>\n\n\n\n

The stablecoin market has grown to about $314 billion in supply, and two issuers dominate it: Tether’s USDT at about $184 billion and Circle’s USDC at about $74 billion, according to DefiLlama data on 6 October 2026. Every serious newcomer has struggled to dent that duopoly, because stablecoins live or die on liquidity and distribution.<\/p>\n\n\n\n

OUSD is different in one respect that matters: its founding partners already own enormous merchant and card distribution. If even a fraction of Stripe, Visa and Mastercard payment flows settle in OUSD, it could grow quickly. If those partners stay lukewarm, it becomes one more well-funded stablecoin that never escapes its launch week. For a holder, the real risks are issuer, reserve, custody and regulation, not price swings.<\/p>\n\n\n\n

Key Numbers at a Glance<\/h3>\n\n\n\n
Metric<\/th>Value<\/th><\/tr><\/thead>
OUSD circulating supply<\/td>About $700 million<\/td><\/tr>
OUSD reserve mix<\/td>13.3% cash, 86.7% money market funds holding short-dated T-bills<\/td><\/tr>
OUSD issuer<\/td>Bridge, a Stripe company<\/td><\/tr>
OUSD network operator<\/td>Open Standard<\/td><\/tr>
OUSD chains<\/td>Ethereum, Base, Solana, Tempo<\/td><\/tr>
Business mint and redeem fee<\/td>None, no volume caps<\/td><\/tr>
USDT supply<\/td>About $184.2 billion<\/td><\/tr>
USDC supply<\/td>About $74.3 billion<\/td><\/tr>
Total USD stablecoin supply<\/td>About $314 billion<\/td><\/tr>
Swift ledger banks<\/td>17 today, at least 19 expected by end of 2026<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Data as of 6 October 2026 (Bridge OUSD reserves page, DefiLlama, Swift statements reported at Sibos 2026). Verify before publishing.<\/em><\/p>\n\n\n\n

2. What Is Open USD (OUSD)?<\/h2>\n\n\n\n

Open USD is a US dollar stablecoin. Each token is meant to be redeemable for one dollar, and it is backed by cash and short-dated government debt held in reserve. Two companies share the work: Bridge, the stablecoin infrastructure company Stripe owns, is the legal issuer, while Open Standard, an independent company led by Bridge co-founder Zach Abrams, runs the network and its partner programme.<\/p>\n\n\n\n

The founding partners are Coinbase, Mastercard, Shopify, Stripe and Visa. Stripe has said OUSD will be the default stablecoin for businesses on its platform, which is the single most important distribution commitment behind the project.<\/p>\n\n\n\n