Stripe-led stablecoin OUSD hit $825 million in just three weeks, but ten wallets took away 80% of it. OUSD was launched by major players like Stripe, Coinbase, and Visa. Its rapid growth mainly comes from founding partners pouring money into it. Currently, there are only about 2,200 holding addresses, with over 80% of the coins not circulating—most are locked in lending protocols to earn interest. But stablecoins aren’t as profitable as imagined. Circle made $1.4 billion in revenue in the first half of the year, but the majority went to distribution channels, leaving only a 7% net profit. For OUSD to truly take off, it still needs to find real-world payment and transaction demand.