Unlike traditional stablecoins, Open USD not only supports zero-cost minting and redemption but also returns reserve yields to partners and adopts an open governance model, attempting to reshape the business logic of stablecoins. In the past, Circle's moat was built on compliance, network effects, and reserve yields, but Open USD is now challenging it from both the profit model and ecosystem alliance perspectives. Stablecoin competition has escalated from product competition to ecosystem competition, and the industry landscape may face a new round of reshuffling.