Circle continuously issues USDC to grow

But 60% of the profits are taken by Coinbase
All cash collateralized in USDC within the exchange
Generated short-term treasury and reverse repurchase income all belongs to Coinbase,
So the big bald head maintaining stablecoin competition terms and fighting against banks is justified — the interests are there
ONDO continuously issues various tokenized stocks with no cap,
Growth is very rapid, but all the fees are earned by the exchange,
They have no profit to compete and expand the market themselves
This benefits neither stockholders nor token holders, and they cannot become the biggest beneficiaries,
But Circle’s market is the stock market — buying pressure is strong, stock unlocks and market sluggishness, declines are within a controllable range,
But Ondo is in the crypto market — buying demand has completely dried up,
The coin price is hard to look at, which is unrelated to the narrative but related to the industry’s liquidity funds