42.4K @OnchainLens A newly created wallet "0x93A" deposit $4M $USDC into #HyperLiquid and opened 200 $BTC long position with 20x leverage
Seems like there are now 4 wallets linked to the same wallets holding 800 $BTC (20x) long position valued at $47M
New Wallet: https://t.co/q48T3e6D3F
Old Wallets:
https://t.co/cVNPBtVC0M
https://t.co/Xdg75nW8Ca
https://t.co/eRIS3tzyfg
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375.2K @Bitwux 🚨We pulled up the market cap a bit; the stablecoin market remains highly concentrated, and Open USD would need to overcome a very high liquidity hurdle to truly reshape the market landscape.
Let's assume that once Open USD launches—
🔺To break into the current top ten stablecoins, it would need a supply exceeding roughly $1.42B;
🔺To enter the top five, it would need to exceed roughly $4.63B;
🔺To reach the top three, it would need to exceed roughly $10.03B;
🔺To genuinely threaten $USDC's volume, it would need to approach or exceed $73.34B.
This cannot be achieved merely by an announcement; it requires real enterprise settlements, exchange liquidity, DeFi collateral use cases and a fiat on‑off‑ramps closed loop.
Additionally, OpenUSD's shortcomings are quite evident:
The 140+ member list looks intimidating, but the larger the consortium, the slower the decision‑making—a consensus recognized; when rapid risk management, on‑chain risk, and regulatory response are needed, governance becomes more complex;
Thus, the decisive players are really only Stripe, Coinbase, Visa, and BlackRock—how much real traffic they can bring over.
The best comparator here is $USDG —
$USDG is also a revenue‑sharing stablecoin, driven by Paxos together with Robinhood, Kraken, Galaxy and other partners.
Currently $USDG has reached a market cap of about $2.98B, ranking 7th among stablecoins, proving that revenue‑sharing + consortium distribution is a viable path.
But it also shows that even with a correct model, entering the mainstream stablecoin tier does not automatically replace $USDC; there remains more than an order of magnitude gap.
OpenUSD's ceiling will certainly be higher than USDG's; let's wait for the data after launch:
Real supply, sustainable liquidity, transparent compliant reserves, etc.
Circle may need to find ways to pass on benefits later.
375.2K @Bitwux 🧐What is Circle falling? Does its moat still exist?
First, the result: I think $CRCL is oversold in the short term; if market sentiment causes further overshoot, I would consider buying a portion,
However, I am not confident about holding it long term at this point; more observation may be needed.
Because the fundamentals and moat have clearly undergone huge changes, as I detail below!
Previously I have been researching a question:
What exactly is a company's true moat?
Today, the stablecoin track Open Standard announced the launch of Open USD, a new stablecoin backed by over 140 companies including Visa, Stripe, Mastercard, BlackRock, and Coinbase.
Investors are assessing the competitive threat it may pose to USDC.
The resulting sharp drop provides a very thought‑provoking issue about moats!
1️⃣ What exactly is $CRCL’s decline about?
Open Standard officials also state that Open USD is designed as follows:
Enterprises can mint/redeem at zero cost, with no human‑scale limits; partners receive the reserve asset earnings from Open USD, minus a small management fee; governance is jointly decided by the independent company Open Standard and a partners’ board.
The participant list includes Visa, Stripe, Mastercard, American Express, BlackRock, BNY, Google, Shopify, Coinbase, Solana, Base, Ripple and many other payment, finance, technology and crypto‑infrastructure companies; Stripe also publicly said Open USD will become the default stablecoin choice for Stripe’s business users;
This makes it clear: Open USD is not attacking USDC with technical parameters, but with a distribution mechanism.
Circle’s core profit pool comes from reserve asset earnings; Open USD’s core slogan is to return more of that earnings to the partners that bring traffic.
In other words, OUSD intends to share the economic benefits that were previously retained with Visa, Stripe, Shopify, Coinbase, banks, wallets, exchanges and merchant ecosystems to quickly acquire users.
The “USD 1:1 + on‑chain transfer” technology of stablecoins is not the deepest moat; the real moat lies in trust, regulation, liquidity, distribution, integration, use cases and economic incentives. Now the wolves are coming, naturally people see another possibility.
Therefore I think the representative point here is:
A single technology is not a moat; the ability to continuously turn it into an irreplaceable product and profit for customers is the moat.
I have discussed this theme many times with friends before, why Buffett…
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7.3K @icefrog_sol JUST IN: On-chain shows 3x surge of $USDC moving into Solana DEX pools in last 24h.
That liquidity doesn't sit it buys memecoins, then alts run.
If you're not watching small-cap orderbooks on Solana, you're late ⚡️
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USD Coin is a stablecoin brought to customers by Circle and Coinbase. It is an open source, smart contract-based stablecoin. True financial interoperability requires a price stable means of value exchange. CENTRE’s technology for fiat-backed stablecoins brings stability to crypto. The initial implementation is USD Coin (USDC), an ERC-20 token creating possibilities in payments, lending, investing, trading and trade finance — and the ecosystem will grow as other fiat currency tokens are added.
