According to CoinMeta, researcher Lorenzo Valente states that stablecoins have significant network effects, and the real competition is focused in the higher market capitalization segments. The number of stablecoins with a market capitalization of over $1 billion has increased from single digits in 2021 to about 12 currently, but the growth has significantly slowed down. The number of stablecoins with a market capitalization of over $10 billion has decreased from a peak of 4 in 2022 to only USDT and USDC at present. Valente believes that reaching a market capitalization of $10 billion is already very difficult, and in the future, the market over $100 billion may be dominated for a long time by Tether and Circle. As for a market capitalization of over $500 billion, there may only be one stablecoin that can achieve this in the next two years or more.