Even without Open USD stirring things up, Circle's weaknesses have always been obvious: Its revenue model is essentially being an 'interest rate middleman,' lacking its own pricing power and irreplaceability. Open USD isn’t attacking Circle’s business model—it’s rebuilding the distribution mechanism, leaving Circle in a very passive position. That said, alliance governance itself is a coordination challenge, and whether it can scale up is still uncertain. Facebook’s Libra back in the day and Paxos-led USDG achieved little success, proving that the 'all-star lineup + profit-sharing' model isn’t a guaranteed formula for gaining market share. This approach is definitely aggressive, but its staying power is questionable.