Bernstein Flags OUSD as a Potential Challenger to USDC and Tether

Bernstein has identified OUSD as a potentially significant new competitor to the stablecoin market’s dominant players, Circle and Tether. The firm said OUSD could become the strongest challenger to their existing duopoly.

The assessment matters because a credible rival could alter the competitive landscape around major stablecoins. Circle and Tether currently represent the two established sides of the market structure highlighted by Bernstein.

However, Bernstein’s outlook was not without reservations. It flagged unresolved questions about how OUSD would be governed and operated, suggesting that its competitive potential depends on more than market positioning alone.

Revenue sharing was another area of uncertainty identified in the assessment. Until the project’s governance, operational structure and revenue model become clearer, OUSD’s ability to challenge Circle and Tether remains a possibility rather than an established outcome.