Sorry if it hurts


I’m happy to take the other side of this trade
Everyone seems convinced $OUSD just killed $CRCL
I don’t buy it
People underestimate how powerful network effects are
We don’t have 50 different versions of Bitcoin
We don’t have 50 dominant DeFi chains
And I don’t think we’ll end up with 160 meaningful corporate stablecoins either
Most will exist
Very few will matter
Capital tends to flow toward the deepest liquidity, the broadest integrations, and the asset people already trust
That’s exactly where $USDC wins
The market is pricing disruption
I think it’s underpricing network effects
NFA-DYOR is must
BTC-1.15%
USDC-0.01%
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