Lorenzo Valente(@LorenzoARK):This is, in my opinion, one of the few charts that actually explains the stablecoin landscape. Stablecoins are a network effect asset. Sure, there are thousands of them, but look at the slope of each cohort, it flattens VERY fast as the threshold rises. The only cohorts that matter are $10B+ and increasingly $100B+ and 500B+ $1B+ has barely moved since inception: single digits in 2021, 12 today. $10B+ is actually down. There were 4 at the peak in 2022, now it's just @tether and @circle. Getting into the $10B+ club is brutal already. $100B+ might be a two-horse race for a long time and 500B+ probably a one horse race for 2+ years

2026.09.09 12:45

This is, in my opinion, one of the few charts that actually explains the stablecoin landscape. Stablecoins are a network effect asset. Sure, there are thousands of them, but look at the slope of each cohort, it flattens VERY fast as the threshold rises. The only cohorts that matter are $10B+ and increasingly $100B+ and 500B+ $1B+ has barely moved since inception: single digits in 2021, 12 today. $10B+ is actually down. There were 4 at the peak in 2022, now it's just @tether and @circle. Getting into the $10B+ club is brutal already. $100B+ might be a two-horse race for a long time and 500B+ probably a one horse race for 2+ years