A single announcement in late June erased roughly 15% from Circle’s share price. The Open Standard alliance had unveiled Open USD (OUSD), a revenue-sharing stablecoin backed by a list of 140 participants including Visa, Mastercard, Stripe, and Coinbase. The sell-off reflected immediate market judgment that Circle’s reserve-income moat might not be as durable as previously priced. The original roundtable discussion dissected the business logic behind OUSD and what it says about where stablecoin economics are heading.