ARK Invest: Stablecoin Race Down to Tether and Circle Above $10B

The interesting signal here is not consolidation itself but the shape of it: ARK's framing suggests stablecoin scale is a winner-take-most dynamic, where the pool of credible issuers narrows as the bar rises, even as the total number of mid-sized tokens grows. That bifurcation matters for anyone building on stablecoin rails, since liquidity and integration depth concentrate around the few names that clear each threshold. The open question is whether the tokens now climbing toward the next tier can hold network effects long enough to matter, or whether the same gravity pulls them into the top cohort.