ARK’s research director put it pretty plainly: getting 500 rival competitors to come together to handle governance is bad enough to make your head hurt, and liquidity cold-start is even more of a fatal point.

Wu Says has learned that Lorenzo Valente, ARK Invest’s research director, is skeptical about the recently launched stablecoin alliance “OpenUSD,” believing that this kind of consortium model is difficult to scale and unlikely to shake USDC and USDT’s market dominance. Valente noted that such projects face the problem of liquidity cold-start and lack trading pairings with the existing mainstream crypto market; its internal governance structure is also questionable, and the decision-making efficiency of an alliance made up of 500 competitors is low, and