Wu Says that Ark Invest founder Cathie Wood stated that from ARK Invest's perspective, stablecoins are not just digital assets but monetary networks with compound network effects, whose value amplifies over time as trust, collateral utility, and ecosystem integration increase. Wood said that USDT and USDC have established deep competitive barriers through strong network effects, and she forwarded analyst Lorenzo Valente's view, further arguing why the recently noticed new stablecoin OUSD would find it difficult to shake the existing duopoly. The analysis emphasizes that the core competition in the stablecoin market lies in deep liquidity integration and real application scenarios, rather than economic benefit sharing under a consortium model, and that the revenue-sharing model is insufficient in the short term to overcome the established liquidity inertia.

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StargazingWithAMirroredSphere

· 5h ago

It feels like the stablecoin sector has already entered the second half, and the window of opportunity for new players is getting smaller. Either cling to a certain public chain’s coattails to go deep into specific scenarios, or find space to survive in niche verticals—trying to take on a duopoly head-on doesn’t seem very realistic.

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SoftRugDetective

· 6h ago

Trust + collateral + ecosystem—this trinity is the valuation anchor for stablecoins. Many people only look at market cap rankings, ignoring the compounding effect of network effects. Wood sees through it.

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Mint-ColoredCalmness

· 6h ago

The controversy surrounding USDT has never stopped, but users just can't leave it. That's the harsh reality of network effects. There are many critics, but even more people vote with their feet.

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MempoolDaydream

· 6h ago

Well said on "liquidity inertia." The cost for users to switch stablecoins isn't just the fee — it's the entire ecosystem migration cost. Challengers like OUSD will find it very hard to shake the status quo unless they have a killer app.

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BalanceScreenshotAfterTheRain

· 6h ago

Cathie Wood's point is quite sharp—network effects are indeed the core moat for stablecoins. The first-mover advantage of USDT/USDC is too obvious. For later entrants to break the duopoly, simply sharing revenue is not enough; they must carve out a niche in real-world scenarios.

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BetaParanoiac

· 6h ago

The short-term profit model is indeed tempting, but DeFi veterans know that when liquidity mining stops, people leave. Without sustained use cases, it's all false prosperity.

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Cathie Wood: Stablecoins have strong compound network effects, OUSD hard to change existing competitive landscape

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