Yesterday, the fact that OUSD managed to get Circle's CEO to personally step in and criticize it is already half the battle won . According to Jeremy, USDC + USDT now account for over 99.5% of stablecoin adoption. So, if it were just an ordinary competitor, he definitely wouldn’t have written such a long essay. Jeremy’s main criticisms of OUSD focus on three points (TL;DR version): 1. Free redemption is a no-go. It opens the door to vampire attacks from rival stablecoins—basically, competitors’ users could swap into your coin first and then redeem for free from you. 2. Revenue sharing is a no-go. Because channel fees are super expensive, infrastructure is costly to build, and without money, you can’t sustain this business. 3. Too many logos is a no-go. When it comes to pushing things forward, too many voices make it inefficient, bloated, and not agile enough.