$Circle Internet Corp.(CRCL)$ OUSD could face some challenges. The "cold start" problem is real—USDC and USDT have deep, global liquidity that's hard to replicate. Traders and DeFi protocols rely on that depth, so moving to a new token tends to be a slow process.
The governance is also complex. Coordinating over 140 major corporations, each with its own business interests, is a huge task. Cohesion might be tested when the consortium needs to make quick or controversial decisions.
And the incumbents aren't standing still. Circle, for instance, is expanding its own products like the Circle Payments Network to defend its market share.
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