Cryptocurrency is not dead, oUSD is coming.

On the surface, this news seems to be:

Another stablecoin is about to be issued.

But the truth is a bit more exciting:

A group of big companies is preparing to partner to open a new "dollar toll station."

Open Standard plans to launch Open USD, or oUSD.

The key is not the name.

The key is that the people standing at the table this time are quite intimidating.

The list mentioned in the report includes BlackRock, Google, Coinbase, Visa, Stripe, Mastercard, IBM, Ripple, and over 140 other companies participating or preparing to use it.

This is not just a few DeFi projects shouting in a group, "Brothers, we are going to change the world."

This is traditional finance, payment giants, technology companies, and cryptocurrency companies sitting down together and saying:

The pot of meat from stablecoins cannot be consumed only by USDT and USDC.

Why is the market reacting?

Because the most profitable part of stablecoins is not that $1 token.

But the reserve earnings behind the token.

You exchange $1 for a stablecoin, and the issuer takes that dollar to put in the bank, buy short-term debt, and manage cash.

Users receive stablecoins.

The issuer earns interest.

It sounds very simple, but it is a big business.

USDC currently has a circulation of about $70 billion.

With such a large pool of dollars, as long as interest rates are still there, the reserve earnings behind it are not small money.

So why is Circle valuable?

It's not because it can print USDC in a circular profile.

But because it stands next to the cash register of dollar on-chain.

Now, the most interesting part of oUSD is:

It wants to change this distribution method.

According to reports, Open USD plans to mint and redeem for free, and after deducting operational costs, share the reserve earnings with the participants adopting it.

This sentence translated into plain language means:

In the past, stablecoin issuers were like hotpot restaurant owners; everyone helps to attract customers, and they take the bottom pot fee themselves.

Now oUSD says:

Whoever brings customers, helps to set up channels, and actually uses the stablecoin can share a bit of the bottom pot oil.

This is very different.

Because in the past, the competition among stablecoins was based on:

Who is safer.

Who has better liquidity.

Who is more compliant.

Who is easier to connect to exchanges and DeFi.

But if the oUSD model takes off, the competition will change to:

Who can turn more companies into a community of interest.

Why do wallets promote you?

Why do payment companies accept you?

Why do merchants use you?

Why does the chain support you?

The answer used to be: Because you are the mainstream stablecoin.

The answer might change to: Because using you, I can also earn money.

This is the truly exciting part of this news.

It is not coming to compete with USDC on whose logo looks more like a bank app.

It is challenging the business model of USDC.

Even more interesting is that Coinbase is also on the list.

This is like a person eating at the USDC table with their left hand while using their right hand to grab chopsticks at a new dinner table.

Do you call it betrayal?

Not necessarily.

It is more likely that big companies are very clear:

The road for stablecoins will get bigger and bigger; you cannot just rely on one toll station.

So when the news came out, Circle's stock price was clearly hit, with the drop seen in reports between 14%-18% at one point.

The market's reaction is very direct:

If the profits of stablecoins shift from "exclusively to the issuer" to "shared among the channels," then Circle's story needs to be reevaluated.

Of course, oUSD will not win just by being announced.

Issuing a stablecoin is not as simple as launching a website.

We truly need to see five things:

First, how the reserve assets are actually managed.

Second, whether custody and audits are sufficiently transparent.

Third, whether redemptions are truly smooth.

Fourth, whether these partners are genuinely integrated or just making an appearance in press releases.

Fifth, whether there are real usage scenarios for users, not just mutual applause among companies.

The greatest fear for stablecoins is not that no one promotes them.

The greatest fear is that everyone says they will use them, but in the end, only the PPT circulates.

So this line of oUSD is, I think, worth watching, but to not misinterpret it.

It is not a question of "which coin to buy."

It is a question about changes in the business model of the stablecoin industry.

In the past, stablecoins were like dollar pipes.

Whoever lays the pipe charges.

Now, oUSD wants to say:

The pipes can be open, but the flow fee should be shared among all.

If this logic holds, then the stablecoin war is not just about who is bigger, USDT or USDC.

But it enters the next phase:

Who can tie the most money, the most companies, and the most channels into a利益联盟.

Crypto is not dead.

It has just shifted from the casino front desk to the bank kitchen.

The front desk is arguing about prices.

The kitchen is dividing interest.

And the real big business often happens in the kitchen.

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