ARK Invest crypto analyst Lorenzo Valente said stablecoins have clear network effects, and the number of stablecoins in each market-cap tier has flattened as the threshold rises. According to Odaily, he said the stablecoins worth more than $1 billion have increased from single digits in 2021 to 12 now, while the number worth more than $10 billion has fallen from a 2022 peak and now includes only Tether and Circle-linked stablecoins.
Valente said it is difficult to enter the $10 billion market-cap club, that the $100 billion stablecoin category may be contested by only two players for a long time, and that only one stablecoin may reach the $500 billion level for more than two years.