Tether and Circle make up 86% of the entire stablecoin market cap
Stablecoin market cap - $250b
Stablecoin market cap excluding Tether and Circle - $35b
Below I've added a pie chart of some of the largest stables to really highlight how there isn't really anyone dominating yet.
For reference, even if @ethena_labs's USDe 10x'd in size tomorrow, it would still be smaller than $USDC's market cap.
Who is going to break in to the top 10 and which if any can grow to compete with the top 2 giants.
Some stables that have grown massively in the last month:
fxUSD @protocol_fx
USDf @FalconStable
csUSDL @0xCoinshift
USDO @opendaoprotocol
feUSD @felixprotocol
M @m0foundation
Let's see where are in a months time.
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