ARK Invest: Stablecoin Market Highly Centralized, Hundred-Billion-Dollar Tier May See "Two-Horse Race"

Odaily reports that ARK Invest crypto analyst Lorenzo Valente has stated that stablecoins exhibit obvious network effects. Although thousands of stablecoins exist in the market, as market cap thresholds rise, the number of coins in each tier quickly flattens out. What truly deserves attention now are stablecoins with market caps exceeding $10 billion that are progressively advancing toward the $100 billion and $500 billion levels. Data shows that the number of stablecoins with market caps above $1 billion has only grown from single digits since 2021 to 12 at present, while the number of stablecoins with market caps above $10 billion has actually declined from its 2022 peak, with only Tether and Circle's stablecoins remaining. Valente believes that entering the $10 billion market cap club is already extremely difficult, the $100 billion stablecoin tier may be contested by only two players for a long time to come, and the $500 billion tier may see only one player reach it over the next two years or more.