Every year we get our consortium style initiative around a stablecoin, we have seen this with Diem, Global dollar and now Open USD. While the set of players here is obviously potent, I remain highly skeptical any of these initiatives can hit scale. A few thoughts on OpenUSD: 1. Liquidity and the cold-start problem. USDC and USDT have massive network effects across exchanges, payment processors, and brokers. This is always repeated but it's true, there are no BTC/sofiUSD pairs to trade on any of these exchanges or markets. These are not stableocin market makers and participants are willing to hold in size, as you can’t really use them anywhere. The fair counter is that crypto markets will be far smaller than remittances or equities/bonds. Probably true, I suspect in the medium term, but those markets are still converging on the same stablecoins. Hyperliquid just struck a massive deal with USDC/Coinbase. Every tokenization initiative so far is built around the incumbents too. 2. A consortium of 500 rivals has no precedent for working. The pace of decision-making across 500 competitors is going to be glacial. Not everyone gets a board seat at Open Standard I imagine, so what happens when decisions cut against some of the players? Circle and Tether ship whatever they want, whenever they want, with zero commitment to anyone. 3. Regulatory and antitrust risk at scale. Circle and Tether are willing to absorb enormous pressure, they have being doing so for years. They hold hundreds of licenses they can use to arbitrage markets, Yes GENIUS act gave a lot of breathing room and clarity, but oversees, this is not the same story. The moment this gets hard under regulatory pressure, I think a lot of these partners just walk away. And a bloc of the largest banks and card networks jointly issuing money is an obvious antitrust target. 4. The "socialist" economics starve the issuer. Passing reserve revenue back to partners sounds great in practice, but what does Open Standard actually operate on? Little to no retained capital. People forget Circle doesn't just have marketplace/exchange partnerships; it funds a whole web of rebates across on/off ramps, stablecoin settlement, OTC desks, and more, with each deal being somewhat bespoke depending not he partner. Who funds that at Open Standard? Who decides which deals, on what terms, especially when the counterparty is a rival of an existing member? Circle GAAP Opex for 2025 were 900M USD, if you strip out one time cost and IPO related cost, its adjusted OPEX is closer to 500M annually. Let’s say open Standard gets 25 bips, which is what other consortium did, At 10B of supply, open standard is making 25M a year… You don’t fund much with that…. You need to become huge very quickly. 5. The announcement is basically a giant LOI. Read the quotes: BlackRock calls it "a constructive step," BNY "looks forward to exploring ways to support," others say it's "interesting." Meanwhile the partners are backing rivals: Stripe owns Bridge and has its own stack, Coinbase is wedded to USDC, banks are building their own deposit tokens, and the card networks support every token out there. They'll hedge across all of them. Distribution only matters if it's exclusive — and it clearly won't be. 6. The "mint/redeem fees are a problem" claim is wrong. In practice every large institution minting and redeeming through Circle and Tether already gets big rebates. The real cost of moving money is FX, not mint/redeem and there's no moat there, because anyone can just match free mint/redeem. All in all: one to monitor, but I'm deeply skeptical that an organization that looks like a DAO of 500 companies can move fast enough to matter long term. Who decides go-to-market? Capital allocation? Anything? Ultimately this reminds me of the DAO experiment. The pitch was identical: no single owner, "neutral" governance, aligned incentives, decisions made collectively for the good of the network. In practice DAOs almost universally failed at the thing that actually matters: shipping. Governance turned into endless forum debates and token-weighted voting where nothing decisive got done, capital sat idle because no one could agree how to deploy it, and the projects that won were the ones with a clear owner willing to move fast and take risk. "Owned by everyone" almost always means accountable to no one. Open Standard is a DAO of competitors that are not really committed to anything, and I'd bet on the two operators who can ship unilaterally over a committee that has to ask 500 rivals for permission.

Name & Symbol: Genius ($GENIUS)
Address: 0x1f12b85aac097e43aa1555b2881e98a51090e9a6

真的是一个新时代的到来： 昨天币安alpha上线了Ondo的美股代币、coinbase正式上线5*24小时的美股交易、OKX也上线了美股代币合约， 再加上更早更激进拥抱各类传统金融资产交易的Bitget。 可以说加密领域前几大交易所基本上都已经全面拥抱代币化股票，未来更进一步拥抱各类代币化金融资产也是大趋所取。对于加密市场来说，是机遇也是挑战，其实挑战更大。资产上链、RWA、代币化进程是个人很关注的一个大的板块，之前写了大量的相关推文。 去年7月中梳理过一次，有必要把去年7月中之后相关的推文再梳理一下，7月之前的相关推文看转发引用的推文即可： 1、加密未来的方向 1）250805、关于加密未来的一个暴论：探索加密原生应用场景可能一开始就错了，加密未来场景最有可能就是两个： 一是资产上链、跟传统真实资产相结合，发挥加密做为新资本范式的功能； 二是跟AI的充分结合 。 https://t.co/fxEff8Aq6n 2）251207 对币市虚无的探讨，未来的机会 https://t.co/sZzPXcVqgO 2、关于代币化进程的监管 1）sec主席的三次重要演讲 250513 首次明确提出首次明确提出证券要从链上传统数据库往区块链账本系统迁移；建立一个合理、清晰的加密资产监管框架，为加密资产的发行、托管和交易制定明确的规则； https://t.co/056bDfwQ4W 250802 宣布启动Crypto project计划宣布要把美国所有市场迁移到链上 https://t.co/rQeqnXosnM 250912 在巴黎经合组织上的讲话，未来两大趋势 链上资本市场与代理金融（Agentic Finance）https://t.co/V857YKL0WW 2）251203 SEC创新豁免是什么？（现在还没推出）https://t.co/w3tkRf3T36 3、美股上链资产形态和对加密的影响 1）250828 股票上链最终形态展望 https://t.co/6SplRmTVi5 2）250911 币市CEX未来一年会越来越多感受美股代币化趋势的影响，对资产运营、用户运营都是挑战 https://t.co/sIfMWd0J9C 3）250921 币安、base等大力扶持perps dex一个重要原因一个重要核心的原因是随着美股或者各种真实资产（股、债、基金、reits、股权等）代币化进程不断深化中心化交易所和山寨币市场都被大幅度挤压 。要去抢占美股/传统真实资产代币化后的衍生品市场。 https://t.co/yndrQf0ONk 4）251019 未来更多的优质资产供给，defi和链上衍生品会扩张到远大于当下的体量 https://t.co/Q2T2wM7CUa 5）260120 链上券商未来的竞争点https://t.co/TUKzW7Bmli 6）251218 金融交易平台的终局：超级APP https://t.co/7cAxEipwrj 4、传统金融市场交易所的探索 1）250910 纳斯达克探索股票代币化甚至直接代币化ipo https://t.co/DkYFAQqUBg 2）251212 DTCC拿到Sec无异议函，托管资产代币化https://t.co/tipGaHWUjk 3）260119 纽交所入局代币化证券 https://t.co/dxYUTC4FWN 4）251216 美股加密化，纳斯达克将推出5*23小时交易 https://t.co/mahSpmKlHX

Name & Symbol: Ondo ($ONDO)
Address: 0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3

真的是一个新时代的到来： 昨天币安alpha上线了Ondo的美股代币、coinbase正式上线5*24小时的美股交易、OKX也上线了美股代币合约， 再加上更早更激进拥抱各类传统金融资产交易的Bitget。 可以说加密领域前几大交易所基本上都已经全面拥抱代币化股票，未来更进一步拥抱各类代币化金融资产也是大趋所取。对于加密市场来说，是机遇也是挑战，其实挑战更大。资产上链、RWA、代币化进程是个人很关注的一个大的板块，之前写了大量的相关推文。 去年7月中梳理过一次，有必要把去年7月中之后相关的推文再梳理一下，7月之前的相关推文看转发引用的推文即可： 1、加密未来的方向 1）250805、关于加密未来的一个暴论：探索加密原生应用场景可能一开始就错了，加密未来场景最有可能就是两个： 一是资产上链、跟传统真实资产相结合，发挥加密做为新资本范式的功能； 二是跟AI的充分结合 。 https://t.co/fxEff8Aq6n 2）251207 对币市虚无的探讨，未来的机会 https://t.co/sZzPXcVqgO 2、关于代币化进程的监管 1）sec主席的三次重要演讲 250513 首次明确提出首次明确提出证券要从链上传统数据库往区块链账本系统迁移；建立一个合理、清晰的加密资产监管框架，为加密资产的发行、托管和交易制定明确的规则； https://t.co/056bDfwQ4W 250802 宣布启动Crypto project计划宣布要把美国所有市场迁移到链上 https://t.co/rQeqnXosnM 250912 在巴黎经合组织上的讲话，未来两大趋势 链上资本市场与代理金融（Agentic Finance）https://t.co/V857YKL0WW 2）251203 SEC创新豁免是什么？（现在还没推出）https://t.co/w3tkRf3T36 3、美股上链资产形态和对加密的影响 1）250828 股票上链最终形态展望 https://t.co/6SplRmTVi5 2）250911 币市CEX未来一年会越来越多感受美股代币化趋势的影响，对资产运营、用户运营都是挑战 https://t.co/sIfMWd0J9C 3）250921 币安、base等大力扶持perps dex一个重要原因一个重要核心的原因是随着美股或者各种真实资产（股、债、基金、reits、股权等）代币化进程不断深化中心化交易所和山寨币市场都被大幅度挤压 。要去抢占美股/传统真实资产代币化后的衍生品市场。 https://t.co/yndrQf0ONk 4）251019 未来更多的优质资产供给，defi和链上衍生品会扩张到远大于当下的体量 https://t.co/Q2T2wM7CUa 5）260120 链上券商未来的竞争点https://t.co/TUKzW7Bmli 6）251218 金融交易平台的终局：超级APP https://t.co/7cAxEipwrj 4、传统金融市场交易所的探索 1）250910 纳斯达克探索股票代币化甚至直接代币化ipo https://t.co/DkYFAQqUBg 2）251212 DTCC拿到Sec无异议函，托管资产代币化https://t.co/tipGaHWUjk 3）260119 纽交所入局代币化证券 https://t.co/dxYUTC4FWN 4）251216 美股加密化，纳斯达克将推出5*23小时交易 https://t.co/mahSpmKlHX

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e