USDC (USDC)

I think that looking at which chain a stablecoin is deployed on is no longer a useful metric.

The right to deploy a stablecoin has never been scarce.

It's similar to BlackRock's early deployment of BUIDL: the market was initially excited about which chain they'd favor, but eventually realized they'd deploy on any chain that had users.

The fact is, institutions only care about users; this might serve as a line between a live chain and a dead chain, but it's certainly not the main metric for evaluating a public chain.

We need to go a step further: after deployment on a chain, whether there is sustained volume and genuine trading activity is the long‑term effective observation metric. USDC has been deployed on over 30 chains, but the market knows how many are actually useful; issuance will concentrate on the few chains with economic activity and users.

USDT data is even more straightforward: on Tron, USDT issuance is close to $90 billion, on Ethereum close to $80 billion, and after Plasma launched, only a hair's breadth was taken, $1 billion.

If we talk about deployment rights from an institutional perspective, no chain beats creating your own (though that's risky). However, when a chain has a large user base, institutions will go there; that scarcity is the greatest value of existing public chains for institutional adoption.

Whale Clip: Coinbase sends $330m $USDC to Fireblocks on @solana solana:So11111111111111111111111111111111111111112

https://t.co/F89ErWx4fK https://t.co/2i6UL9ARF9

⚠️LATEST⚠️

CIRCLE ($USDC) shares plunge 16% after $OUSD announcement

▪️Circle's shares fell sharply after Open Standard launched OUSD, a stablecoin backed by more than 140 companies.
▪️Among those 140 companies are #Ripple, Stripe, Coinbase, Visa, Mastercard and BlackRock.
▪️Neither Circle, Tether, nor PayPal are on this list.

What is the key difference of OUSD?

📍Unlike USDC, which is a centralized stablecoin issued by Circle, where the company keeps all the yield generated by the reserves, OUSD automatically redistributes that yield among its holders and partners. USDC holders only maintain a 1:1 parity with the dollar and receive no interest.
📍For this reason Circle's shares are falling.