ARK Invest exec says Visa's support for OpenUSD is more like a letter of intent than a strategic bet

Odaily Planet Daily News: Lorenzo Valente, Director of Crypto Research at ARK Invest, posted on X platform that when Visa was asked during its earnings call whether OpenUSD would compete with stablecoin players like Circle and Tether, Visa responded that it will maintain a multi-currency, multi-chain strategy in the future. Its role is not to pick winners, but to help customers securely and at scale connect with the stablecoin ecosystem, regardless of which stablecoin, network, or infrastructure ultimately gains adoption. Valente believes that the commitment from OpenUSD partners is more akin to a letter of intent than a strategic bet, and there is an essential difference between supporting OpenUSD and allocating substantial resources, channels, or balance sheets to make it successful.