Introduction

Crystal Intelligence's wallet study reveals the Open USD supply has reached $666.3 million as of October 5. The majority of this supply remains in launch and custody wallets.

Wallet Allocation

The study tracked wallet allocation and activity, with balances measured at 04:00 UTC on October 5. Crystal identified $396 million in eight Tempo wallets funded directly by Bridge that had not moved those funds by the snapshot.

Trading Activity

Only $4.1 million in trading activity was observed on decentralized exchanges during the first week, with Solana accounting for $3.4 million, Base for $700,000, and Tempo for roughly $17,000. This activity does not necessarily translate to widespread adoption, as it may be due to on-chain usage and activity within those accounts.

OUSD Supply Concentration

Most OUSD supply remains concentrated in staged wallets, with ten wallets holding 74% of the total supply. Tempo accounts for 71% of the total supply, with the largest balances being important for assessing subsequent circulation.

Future Signals

Crystal's next signals to watch include mints beyond founder or partner placements, transfers out of staged wallets, redemptions, and Tempo exchange activity. Sustained wider circulation would add evidence that the launch allocations alone cannot provide.