ChainThink reports that on September 11, according to a post on X platform, Lorenzo Valente, Research Director at ARK Invest, stated that the stablecoin market is highly concentrated, with only Tether and Circle’s products remaining as stablecoins with a market capitalization exceeding $10 billion.
He noted that stablecoins exhibit strong network effects; although thousands of stablecoins exist in the market, the number of projects reaching corresponding scale decreases rapidly as the market capitalization threshold rises. The number of stablecoins with a market cap exceeding $1 billion has increased from only a few since 2021 to the current 12.
In 2022, at its peak, there were four stablecoins with a market capitalization exceeding $10 billion; today, only Tether and Circle remain.
Entering the $10 billion range is already very difficult; the stablecoin market exceeding $100 billion may be dominated long-term by Tether and Circle, and only one stablecoin may reach a market capitalization of over $50 billion within the next two years.