Jeremy Allaire: Consortium-style stablecoins are unlikely to succeed, network effects determine the winner.

Circle co-founder Jeremy Allaire stated in a post that stablecoin networks are essentially internet platform businesses, with network effects and liquidity being decisive factors. Jeremy Allaire raised questions about consortium-style stablecoins such as OUSD, arguing that multi-party alliance structures face issues such as slow decision-making, inconsistent incentives, and lack of long-term execution capability, and also lack profitability to support infrastructure investment.