Stripe and Visa's OUSD is now live— Free minting, free redemption, and it also allows partners to participate in underlying yield distribution. Clearly, it's targeting Circle's ethereum:0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48, especially in terms of enterprise payments and stablecoin issuance partnerships. But I'm not particularly optimistic. There's already a good reference point—PayPal's PYUSD. PayPal itself has an extremely strong payment network, merchant resources, and user access, theoretically making it one of the best 'parents' for a stablecoin. Yet even now, PYUSD's scale is still only 3.7% of ethereum:0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48~ OUSD has pulled in over 200 institutions to participate, added alliance governance, and yield distribution, but it feels like the governance coordination costs will be very high. Based on my personal judgment, I think there's a 70% chance it will ultimately follow a similar path to PYUSD and USDP, becoming a long-term niche player.