Woofun AI notes that Circle co-founder Jeremy Allaire stated the stablecoin market follows a "winner-takes-most" structure driven by network effects and liquidity. He argued that consortium models like OUSD face structural disadvantages, including slow decision-making, misaligned incentives, and weak long-term execution capabilities, citing Diem as historical proof of scaling difficulties. Allaire emphasized that while theoretical mechanisms are attractive, real-world infrastructure requires stable profitability. Circle will continue expanding cross-chain infrastructure like CCTP and CPN while welcoming competition, asserting that network effects will ultimately determine the outcome.