140 A9 institutions organizing OUSD is completely changing the stablecoin game—free minting and redemption, with revenue shared among partners. When email was first invented, it was paid... but eventually, the email we use became free. For CRCL, this isn’t immediately fatal, but it’s definitely bearish. Just yesterday morning, I was telling a friend that the biggest innovations I’ve seen in the crypto space over the years are: stablecoins, memes, and perpetual contracts... and then I saw this last night.