From an issuance perspective, stablecoins have almost no threshold and no moats The biggest moat for stablecoin companies is their first mover advantage, the market share they captured early on, and the usage habits of users USDC does have an advantage in compliance, but it has been choked by Coinbase in terms of channels, and a large amount of profits have been divided Now Coinbase is going to cooperate with BlackRock, Google and other companies to issue OUSD, and payment institutions such as Visa Master have also signed cooperation agreements with card issuers This is another major negative for CRCL The basic market of USDC is still in the cryptocurrency circle, and after going public, I have been trying to break through the circle to give USDC more application scenarios Now OUSD has emerged, with a strong background, and is beginning to tap into the external channel market CRCL's days ahead won't be too easy either