Following the publication of the OpenUSD Alliance, supported by institutions such as Stripe and Coinbase, the market quickly shifted its focus to the Circe business model. Circe relies heavily on interest income generated by USDC reserve assets, while OpenUSD plans to allocate this share to its partners, which leads to a further shift in stable currency competition to distribution networks.
There's a disagreement about stock prices back down.
After the news was released, the Circe stock price fell markedly. According to some marketers, OpenUSD has brought together large institutions such as Stripe, Coinbase, Visa, MasterCard and BlackRock to demonstrate its potential to shock Circle.
However, there are analysts who believe that the market response is short-line. Owen Lau, Managing Director of Clear Street, stated that OpenUSD ' s cooperative formation, while strong, could not be judged by the outside world before it officially went online.
The real test is used by users.
Lau argued that the central issue was not how long the Alliance list was, but whether OpenUSD could persuade consumers and end users to use it. Only when the product is launched will the size of the market and the data used become clearer.
Rob Hadick, a Dragonfly partner, also stated that OpenUSD ' s threat to Circle could not be ignored, especially with Stripe ' s financial product system, which could help the Alliance to lower its profit margin at the distribution level.
Coalition expansion still has implementation challenges.
At the same time, however, several analysts cautioned that industry alliances were not easily operational. The more participants, the more complex the claims and the more difficult it is to implement. OpenUSD does not have to be as smooth as the cooperation list shows.
At present, OpenUSD remains undisclosed on a number of key issues, including ownership structures, issuer licensing arrangements, the choice of a start-up chain, and how reserve revenues are distributed among partners.
This discussion also brought the relationship between Circle and Coinbase to the stage again. Marketers believe that the focus of stabilizing currency competition is shifting from a single issuer to distribution channels such as exchanges, payment companies, wallets, trust institutions and block-chain networks.