ARK인베스트는 OUSD가 수익배분에도 당분간 USDT의 유동성 해자 못 넘는다고 본다

ARK Invest: OUSD won’t displace USDT

Open USD draws 150 companies. ARK says USDT keeps the moat.

- 150 firms back OUSD. Moats aren’t consortium size. Moats are liquidity and flows. Also habits and brand.
- OUSD pays platforms, not users. Yield splits with distributors. Core businesses won’t be moved.
- Binance holds 45B USDT. USDT is the base quote. 90% yield gives $1.55B yearly. ARK calls risking $25B irrational.
- On exchanges, stablecoins aren’t cash only. They’re quotes, collateral, and buffers. Also working capital and units. Switching risks liquidity and volume.
- Interests diverge in the consortium. Wallets and lenders want balances. Payments want higher turnover. Some will supply OUSD. Others will use its rails.
- OUSD still can matter. But revenue sharing won’t beat liquidity. The moat is embedded money flows. Not reserve rates.