ARK Invest: Stablecoin Competition Has Entered a "Winner-Takes-All" Phase, With Only Two Companies Likely to Dominate the $100 Billion Market Long-Term

According to a post by Lorenzo Valente, a cryptocurrency analyst at ARK Invest, stablecoins exhibit clear network effects. Although thousands of stablecoins exist in the market, the number of tiers quickly plateaus as the market capitalization threshold rises. What truly warrants attention today are stablecoins with a market cap exceeding $10 billion, steadily progressing toward the $100 billion and $500 billion levels.