Visa, Mastercard, BlackRock, and dozens of other institutions jointly launch the stablecoin OUSD, with reserve earnings belonging to the issuer. In the current landscape, USDT and USDC profit from reserve interest, but the earnings belong to the issuers. The OUSD alliance consists of three parties: payments, asset management, and crypto infrastructure, with the goal of leveraging scale advantages to lower costs and retain earnings within the system. Circle's stock price fell 16% that day, as the market priced in a structural competitive disadvantage. Analysts warn: big-name partnerships do not equal network effects. The moat of stablecoins is liquidity depth and merchant acceptance, not brand co-branding. For OUSD to challenge USDC, it must first get users willing to switch from their accustomed payment tools. For the market, the stablecoin track has shifted from "crypto-native vs. traditional finance" to "factionalization within traditional finance." After regulations are clarified, compliance costs become a new barrier. Whoever can find a balance between reserve transparency and earnings distribution may truly break the duopoly.