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On September 11, ARK Invest's research director Lorenzo Valente stated that stablecoins exhibit significant network effects. Despite the existence of thousands of stablecoins in the market, the number of projects capable of reaching substantial scale has rapidly decreased as market capitalization thresholds have increased. Valente pointed out that the number of stablecoins with a market cap exceeding $1 billion has only grown from single digits to 12 since 2021, indicating very limited growth. At the peak in 2022, there were four stablecoins with a market cap over $10 billion, but now only Tether and Circle's stablecoins remain. Valente believes that entering the $10 billion level has become very challenging, and the stablecoin market above $100 billion may be long dominated by Tether and Circle, with only one stablecoin potentially reaching a market cap exceeding $50 billion in the next two years.

On September 11, ARK Invest's Research Director Lorenzo Valente published a statement indicating that stablecoins exhibit significant network effects. Despite the existence of thousands of stablecoins in the market, the number of projects capable of reaching substantial scale has rapidly decreased as market capitalization thresholds rise. Valente pointed out that the number of stablecoins with a market cap exceeding $1 billion has only increased from single digits to 12 since 2021, showing very limited growth. At its peak in 2022, there were four stablecoins with a market cap over $10 billion, but now only Tether and Circle's stablecoins remain. Valente believes that entering the $10 billion level has become very challenging, and the stablecoin market above $100 billion may be long dominated by Tether and Circle, with only one stablecoin potentially reaching a market cap over $500 billion in the next two years.

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