Sorry if it hurts I’m happy to take the other side of this trade Everyone seems convinced OUSD just killed CRCL I don’t buy it People underestimate how powerful network effects are We don’t have 50 different versions of Bitcoin We don’t have 50 dominant DeFi chains And I don’t think we’ll end up with 160 meaningful corporate stablecoins either Most will exist Very few will matter Capital tends to flow toward the deepest liquidity, the broadest integrations, and the asset people already trust That’s exactly where USDC wins The market is pricing disruption I think it’s underpricing network effects NFA-DYOR is must(Justin Wu)