Big news, is Circle really going to be surrounded? Bloomberg reveals that dozens of financial giants such as Visa, Stripe, Mastercard, BlackRock, Coinbase, etc. are pushing a new stablecoin OUSD, and it is not a solo effort, but a revenue sharing alliance. If this matter is true, the essence is only one sentence: TradFi doesn't want to work for Circle anymore. What was the largest moat of USDC in the past? ✅ The most complete compliance ✅ The most widely used payment method ✅ The greatest institutional trust ✅ Coinbase ecosystem support But now let's take a look at OUSD's lineup: BlackRock → Compliance, Institutional Funding Coinbase → Crypto Traffic Entrance Visa/Mastercard/Stripe → Global Payment Network That is to say, almost all of USDC's most important moats have been replicated. What's even more ruthless is that this is not a challenge for a single company, but rather the collective outcome of the entire Wall Street and global payment giants. Circle spent several years making USDC the world's second-largest stablecoin. Now others are directly following the path taken by Circle, and even keeping their income in their own league. To put it simply, it means: Circle is responsible for repairing roads, while others are responsible for collecting fees. Of course, currently OUSD has not seen any CEX such as Binance, OKX, Bybit, or major DeFi protocols fully integrated. So in the short term: USDC still has an advantage in the Crypto Native world. But in the medium to long term, if payment, banking RWA、 Enterprise settlements are all moving towards OUSD So the market may start to rethink: What is the remaining network effect of USDC? If this alliance really lands, I think it will be the biggest downside in the true sense since Circle went public. The next stablecoin war in Crypto may have just begun.