After waking up, I carefully read the news content again, wrote down my own feelings and analysis, and made inferences. First of all, I feel that the traditional financial veterans' attack on @ circle this time is quite precise. It is difficult not to admit that it is a fundamental shake. Yesterday, I lay down early and my phone was slightly empty. Otherwise, the risk of being completely empty in this wave of news trading is very low CRCL. But this news is not enough to kill Circle. Yesterday's wave should have been the fattest stage, and I have already taken profits on most of my positions. ~~~~~~~~~ The reason for Circle's profit sharing: At the end of the day, it's just that the meat is too fat. The moat of USDC is not as high as imagined, and it's even built in the field that traditional financial veterans are best at. In a world where the law of the jungle prevails, it is normal for young children to be robbed while carrying precious treasures and parading through the streets. Let's put ourselves in the shoes of others: Behind each OUSD, there is $1 worth of real gold, which is held in large banks and managed according to US regulatory requirements. These reserves can be used to buy short-term US Treasury bonds/money market funds and earn 4-5% interest. This interest is the only pot. The bigger the plate, the bigger the pot - with a circulation of 100 billion, it generates four to five billion US dollars in float revenue annually. Open Standard first scrapes a small management fee (maintenance technology, compliance, operation) from the top of the pot, and almost the rest goes out. Whoever can make the most capital accumulation will eat more. If we don't sit in the position of Crypto and watch, is this mechanism much more reasonable than the Circle family eating alone? Even if CB helps USDC increase its volume, the money it receives is still small. No wonder Coinbase has taken the lead in reversing the trend and even OKX and Bybit have joined the money splitting ranks. ~~~~~~~~` Interesting places: -The real trader is @ stripe The independent company that operates this coin, Open Standard, has Zach Abrams as its CEO - he is a co-founder of Bridge, which was acquired by Stripe for $1.1 billion in 2025. The people of Stripe are in charge of this alliance. Stripe is the only one that has made a hard commitment: directly announcing OUSD as the "default stablecoin for all enterprises on the Stripe platform" is already massive. So this alliance has a leader, and it's unlikely that there will be three monks without water to drink. -Solana actively joins The day before yesterday, I was still spraying Solana and missed the stablecoin express. I didn't expect people to be waiting here. Not only is it released natively on Day One, but it is also the first main chain release. As a white chain in the United States, Solana's advantage lies in its ability to blend into high-end circles, and I feel that there is another reason for bargain hunting. -There may be new alliances in the future Several major US currency centers, including JPMorgan, Bank of America, Citi, and Wells Fargo, were also absent. These few companies were previously working on their own independent joint stablecoin plan and did not get into this situation. ~~~~~~~` Can individual investors benefit from dividends? Under the GENIUS Act, interest cannot be directly paid to the holder, so the way partners make money is to find a way for you to exchange the money for OUSD and stay still. Perhaps what you see is no longer the simple and crude capitalization of USD1, but various fancy incentives and rebates. This set of Stripe, Visa/Master understands very well, and the 2B part, BlockRock, is definitely one of the most playable. So the fat scraped off from Circle (and Crcl holder) should be something that ordinary people can taste a little sweet Stablecoins are becoming increasingly integrated into people's lives. Yesterday, someone said that Paypal's PyUSD cannot be done well, indicating that traditional platforms are not working. I don't agree, that's because PayPal doesn't know how to play, so it's just a rigid high interest payment method, which cannot be sustained. ~~~~~~~~ What's going on behind Crcl? Yesterday and today should have been the most severe period of panic fermentation, but I probably won't bargain because this time it's not just a simple Fud, but a fundamental shake. OUSD accurately positioned itself, persuaded its distributors, and defended itself. But if I had a CRCL duvet, I probably wouldn't have cut all the flesh, after all, it hasn't been launched yet, "later in 2026", Now there is only one logo wall. There is a gap between 140 press release logos and 140 real integrations. The value of stablecoins=liquidity+network effects. USDT/USDC has many years of experience in DeFi integration and depth. OUSD starts from scratch. Companies like Stripe may advertise that settling with it is easy, but trading liquidity really takes several years to get up. It's easy for people to overthink things, and the key to how far this alliance can go is its landing. It may be more reasonable to wait for the panic to heal before leaving. ~~~~~~~~~ last: There are really too many good bids now, and I don't quite understand the obsession of hanging on the @ circle tree, it's not BTC. It's easy to backfire after the collapse of religious beliefs