I’ve been reading a lot of discussions from friends about CRCL over the past couple of days. My personal view remains the same as before: if USDC continues to rely on U.S. Treasury yields as its main source of profit, then whether it’s Open USD or Close USD, any stablecoin with potential in the payments space will negatively impact USDC’s stock price. I don’t think CRCL’s recent drop is solely due to Open USD. No one can say for sure whether Open USD will officially launch, but what’s clear is that payment channels are starting to show willingness to adopt stablecoins, and businesses and institutions are open to using stablecoins for payments. The market isn’t doubting CRCL’s capabilities—it’s recognizing how strong Visa and MasterCard are in this space. Just look at the stock prices of these two companies over the past couple of days, and you’ll see. The market doesn’t believe Open USD will disrupt CRCL; it believes Visa and MasterCard have finally figured things out. So, whether Open USD or those associations and companies can succeed isn’t the key point. What matters is that Visa and MasterCard are willing to step in and do this. As long as these two giants are on board, pulling together a stablecoin ecosystem shouldn’t be a problem.