Everyone is panicking that the new Visa/Mastercard stablecoin ($OUSD) will kill Circle ($USDC). But look at the data.
PayPal ($PYUSD) threw 430M users and $500M+ in incentives at their coin, yet they still captured less than 1% of the market. Big names don't equal instant adoption. 🧵👇
The reality? Replicating Circle’s liquidity moat is insanely expensive. PayPal is burning 20–30 cents in incentives for every single dollar of PYUSD in circulation. For $OUSD to actually flip $USDC, this consortium will have to burn a fortune. $CRCL is tougher than it looks.