ARK Invest says only two stablecoins have scale

Thousands of stablecoins exist, but only two actually matter: Tether and Circle. While the market grows, the $10 billion club is shrinking, and the $100 billion tier is destined to remain a two-player race for the foreseeable future. Even more extreme, the $500 billion tier will likely be dominated by a single issuer for at least the next two years. The network effect has turned this into a winner-take-all game. Is the dream of a competitive stablecoin market dead? What's your take?
This summary was generated by AI