Stablecoin market tells an interesting story—concentration is real. Just look at the numbers: USDT and USDC together pumped over $51 billion into net supply over the past year. That's the market making a choice.

The dominance shows up everywhere. USDC led 2025 transfer volume by a huge margin, hitting $18.3 trillion against USDT's $13.3 trillion. Meanwhile, the rest of the stablecoin ecosystem? Mixed bag. Some players growing slow, others actually burning supply.

This duopoly feels unshakeable, but markets always hunt for the next thing. Which stablecoin projects have what it takes to actually break through? The opportunity is there if you find the right narrative.