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Ark Invest sees deepening stablecoin market cap concentration, with only Tether and Circle above $10 billion

Ark Invest analysis shows a growing concentration in the stablecoin market, with the number of surviving tokens dropping sharply as market-cap thresholds rise. Research director Lorenzo Valente said network effects favor larger stablecoins. Only Tether and Circle have stablecoins above $10 billion in market value. Data cited in the article put Tether at about $183.4 billion and Circle’s USDC at about $74.5 billion, while the next-largest stablecoins remain around $6 billion.