Circle and Coinbase's alliance is stable, but whether OUSD's revenue-sharing model can succeed still depends on market conditions.

Allaire noted that stablecoins have platform and network effects, with scale depending on application integration, liquidity, and regulatory coverage. USDC has been integrated into a range of services and enables interoperability through CCTP and Gateway. Artemis data shows that in 2026Q1, USDC’s on-chain transaction volume was about $300 billion, accounting for 80% of dollar stablecoin on-chain transactions, with USDT at 20% and others at less than 0.5%. As for OUSD, free minting/redemption, yield sharing, and consortium governance still require market conditions; Circle’s and Coinbase’s stablecoin cooperation remains solid.