OUSD viewed as integration opportunity not threat

Good take Rob. One of the more balanced reads on OUSD while everyone else is calling it a death knell or the second coming. We had a seat at this one and passed. London is nice, but there are better rooms worth crossing an ocean for, and we would rather be running the book than working the room. When we saw the agenda we did wonder about putting Jeremy on right at the open 😅. @circle CEO on stage, OUSD drops, stock down 6% before the fireside ends. Timing or theatre, Goldman knew exactly what the tape would do. They usually do. And the fallout would have been tradable. @HyperliquidX $CRCL perps are live, 77M in volume, real open interest, down near 10% on the day. In our universe now. Our read is simple. Competition is good, it always has been. When issuance economics grind toward zero, value moves up the stack to whoever builds something durable on the rails. 🫡 That is the whole game, and it is exactly where we live. So OUSD does not worry us, it interests us. Slotting it in as another sleeve is minutes, not months. New primitive drops, we underwrite it, we integrate it, we harvest the edge, we move on. No committee. No six month roadmap. The flagship: up 205 percent since December 2023, thirty positive months out of thirty, zero monthly drawdowns across the life of the book. Best performing vault in DeFi and it is not close. Bring on the consortium wars. More primitives, more sleeves, more edge for D2 depositors. Fade D2 at your own risk.