The stablecoin market is dominated by two assets: Tether's USDT and Circle's U.S. dollar stablecoin USDC, which together account for a staggering 94% of total supply.
This means that other stablecoins combined make up just 6% of the market.
The strong presence of USDT and USDC leaves newer stablecoins struggling to gain traction in what is essentially a limited share of the market.
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