ARK Invest executives question stablecoin alliance project OpenUSD: may repeat 'Diem style collaboration failure' Odaily Planet Daily News: Lorenzo Valente, Director of Digital Asset Research at ARK Invest, questioned the stablecoin alliance project OpenUSD in an article, expressing high doubts about whether such consortium style stablecoin plans can be scaled up. He believes that such alliances have appeared multiple times before, including Diem, Global Dollar, etc., but ultimately failed to form dominant network effects. Currently, the stablecoin market is still dominated by Tether and Circle, whose core advantages lie in strong network effects and instant liquidity. OpenUSD may face a "cold start" problem because the joint governance structure will seriously slow down decision-making efficiency, and it is easy to fall into coordination failure under decentralized governance, similar to the governance dilemma of DAO experiments: high collaboration costs, slow execution, and difficulty in efficient capital deployment. In addition, OpenUSD's economic model seems to be difficult to support long-term operations, and relying on a low rate sharing mechanism will not cover infrastructure, incentive, and market expansion costs. Lorenzo Valente concluded that OpenUSD is more like a "collection of letters of intent" rather than a unified product system with strong execution power, and believes that a single operating entity that can quickly iterate and make independent decisions is more likely to win in the long run, rather than a joint governance structure that requires consensus from multiple parties.