Bernstein analysts have published a report indicating that OUSD (One USD Stablecoin) could become the strongest new challenger to the current duopoly of Circle (USDC) and Tether (USDT) in the stablecoin market. However, the report also flags unresolved questions surrounding the stablecoin's governance structure, operational model, and revenue-sharing mechanisms, leaving its long-term competitiveness uncertain.
In response, Circle CEO Jeremy Allaire emphasized USDC's network advantages, including broader exchange integration, a robust regulatory compliance framework, and deep liquidity. He argued that while new competitors continue to emerge, the trust and infrastructure USDC has already established will be difficult to replicate quickly.
As of now, OUSD has not disclosed detailed governance procedures or revenue-sharing ratios. Market participants remain focused on its transparency and degree of decentralization. The stablecoin landscape is increasingly shifting from a purely scale-based competition to one that requires comprehensive ecosystem cooperation and regulatory compliance capabilities.
The report comes amid growing interest in alternative stablecoins that offer yield or decentralized governance, as regulators worldwide tighten scrutiny on the largest issuers. Bernstein's analysis suggests that while OUSD has potential, it must address these foundational questions to seriously challenge the incumbents.