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《Circle CEO Long Article on OUSD: Stablecoin Networks Are Long-Term Platform Businesses, USDC’s Network Effects Are Hard to Replicate》 (Author @jerallaire) Circle believes that stablecoin networks are long-term, platform-style infrastructure driven by network effects. It says USDC builds strong competitiveness through a multi-layer ecosystem, liquidity, and compliance systems. USDC has already been integrated by tens of thousands of services. With CCTP/Gateway, interoperability is strengthened. Artemis data shows that in 2026Q1, USDC on-chain transactions were nearly $3.0 trillion, accounting for 80%, while other USD stablecoins are extremely low. On OUSD’s free minting/redemption and revenue sharing, Circle says that market reality is complex and requires contract-based mechanisms to address it. It also notes that an alliance model is inefficient, and true win-win cooperation requires smaller, tighter partnerships. Read the full article: