ARK Invest 研究员发文评论 OpenUSD:本质类似早期 DAO,竞争者联盟面临多重障碍

链捕手
Jul 01

ChainCatcher 消息,ARK Invest 研究总监 Lorenzo Valente 发文评论多家机构联合推出的 OpenUSD 稳定币项目。其表示,尽管参与方(包括 Visa、Stripe、Mastercard、贝莱德Coinbase 等)实力强大,但 OpenUSD 面临多重重大障碍:

  • 一是流动性与冷启动问题,USDC 和 USDT 已形成强大的网络效应,在交易所、支付处理器和经纪商中占据主导地位,新稳定币难以获得交易对和大规模持有意愿;
  • 二是 500 家竞争者组成的联盟决策速度将极为缓慢,缺乏成功先例,利益冲突难以协调;
  • 三是监管和反垄断风险极高,大型银行与卡网络联合发行货币易成为监管重点;
  • 四是收入共享模式导致发行方留存资本过少,难以覆盖高额运营和推广支出;
  • 五是合作伙伴实际承诺有限,多为意向性表态(LOI),各方仍在支持竞争对手,倾向于多重对冲而非独家绑定。

Valente 总结称,OpenUSD 本质上类似“多家竞争者的 DAO”,难以快速执行和决策,最终可能重蹈早期 DAO 项目治理失效、无法有效落地的覆辙。

受 OpenUSD 计划影响,Circle 美股单日大跌超 17%,ARK Invest 趁机买入。

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