Visa, Mastercard, Stripe, BlackRock, Coinbase all backing a stablecoin that shares yield with partners instead of keeping it. That's a direct challenge to the model that made Circle profitable. Not a marginal one. The stock reaction makes sense. Nearly all of Circle's revenue comes from yield on reserves. OUSD routes most of that same yield to the businesses driving adoption instead. The real question would be whether a 140-company consortium can actually execute. History says these things move slowly and fracture under misaligned incentives. But the names behind this one are unusually serious.