闹半天，不如直接转投 Hyperliquid，没必要替脆弱的叙事找理由🤔

OUSD threatens USDC's valuation in the B2B sector. Currently, both USDC and USDT are more active in C2C. Due to compliance reasons, Tether's USDT can only focus on C and the grey market. Circle, with Coinbase's backing, originally had ambitions towards the institutional and corporate (toB) direction, and previous prices reflected this market expectation. Now, OUSD is suppressing this part of the valuation. In simple terms, the TAM has been compressed.

35 billion is the net asset value, not necessarily something you can see; the main point is that in the data, the narrative of AI agents has a tendency not to report bets as they did before. Those in the comments section who say they trust this system actually represent ToC. If ToC can be successfully executed, the prospects are still very high. The current problem lies in the ToB end, where the original clients have disintermediated themselves. The maximum supply has dropped from 80 billion to 74 billion, and there is no sign of turning from negative to positive.I'm not even a short seller. I also wrote about the rationality of 14 billion and the possibility of CRCL becoming a giant in the original text. I dare not imagine how fiercely people would argue with those short sellers. A bunch of people are trying to embolden themselves by cursing, saying things like OUSD is bound to die a sudden death, so naturally, I'm even more worried, to the point of having to use this method...🫠OUSD is not here to kill USDC; it's here to liberate USDC's ToB clients. Giants like Coinbase, Stripe, and Visa, originally tied into the USDC ecosystem, either because there was no better choice or because the migration cost was too high. Now OUSD gives them a legitimate second option. Even if this option isn't perfect, as long as it exists, USDC's channel monopoly is broken.Alliance collapse? Not important. Will OUSD work? Not important. As long as these giants start considering using OUSD to replace USDC today, USDC's ToB network effect has already begun to crumble. And once the network effect reverses, it's an irreversible death spiral: supply goes from 80 billion → 74 billion → 60 billion → ... What's left in the end is only book value. Unless AI agents and the ToC end can support the entire network, and this is something that can only be seen in the long term; it's hard to say in the short term.

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