Pulling up the market value, the stablecoin market is still highly concentrated, and Open USD needs to cross a very high liquidity threshold to truly change the market landscape. Let's assume that after the launch of Open USD—— To enter the top ten stablecoins, a supply of over $1.42B is required; To enter the top five, it requires over $4.63B; To enter the top three, you need to exceed approximately $10.03B; To truly threaten the size of USDC, it needs to be close to or exceed $73.34B. This cannot be achieved solely through announcements, there must be real enterprise settlements, exchange liquidity, DeFi collateral scenarios, and a closed loop for fiat currency deposits and withdrawals. In addition, the shortcomings of OpenUSD are also very obvious: The list of 140+may seem intimidating, but the larger the alliance, the slower the decision-making. This is a consensus, and governance becomes more complex when dealing with risk control, on chain risks, and regulatory responses quickly; So, the only ones that truly determine the winner are Stripe, Coinbase, Visa, and BlackRock. Let's see how much real traffic they can capture. The best reference material here is actually USDG—— USDG is also a revenue sharing stablecoin, promoted by Paxos in collaboration with Robinhood, Kraken, Galaxy, and other partners. Now USDG has reached a market value of about $2.98B and ranks 7th among stablecoins, proving that revenue sharing and alliance distribution are feasible paths. But at the same time, it also proves that even if the model is correct and can enter the mainstream stablecoin echelon, it will not automatically replace USDC, and there is still a gap of more than an order of magnitude. The upper limit of OpenUSD is definitely higher than USDG. Let's wait and see the data after it goes online: Real supply, sustainable liquidity, transparent and compliant reserves, etc. Circle may need to find a way to make concessions in the future.