ChainThink report, September 11: According to a post on the X platform, Lorenzo Valente, Research Director at ARK Invest, stated that the stablecoin market exhibits a pronounced concentration trend, with only Tether and Circle's offerings remaining among stablecoins exceeding $10 billion in market capitalization.

He noted that stablecoins display strong network effects—although thousands of stablecoins exist in the market, the number of projects reaching significant scale rapidly diminishes as the market cap threshold increases. The count of stablecoins surpassing $1 billion in market cap has grown from single digits since 2021 to just 12 today;

Stablecoins exceeding $10 billion in market cap peaked at four in 2022, but now only Tether and Circle remain.

Reaching the $10 billion tier is already highly challenging; the market for stablecoins exceeding $100 billion may remain dominated long-term by Tether and Circle alone, while it is likely that only one stablecoin will achieve over $50 billion in market cap within the next two years.