"Circle stands to lose the most. But it's still just so early for a lot of these bank led consortiums, which do a lot of innovation theater" Alex Wilson, Co-founder of Cyclops, on why Circle's new competition is threatening but no sure thing "Whether it's OUSD or some of these other consortiums, or newer ones that aren't even out yet, it's really hard to know which one's going to be the winner or even a serious competitor. It's still just so early for OUSD and a lot of these other bank led consortiums, which do a lot of innovation theater I would say. They have a fancy announcement, a lot of names, and then you really don't know for six months, 12 months what's going to actually happen" "I do think at least the group they've assembled for OUSD is certainly threatening to Circle and certainly interesting, but it's going to be hard still. Circle still got a lot of market share and they're pretty deep in a lot of these relationships" "They might have some new competition with OUSD, but I don't think it's so certain that they're really going to get disrupted very quickly"