The stablecoin adoption is not stopping.
The question remains: do we need more stablecoins at this point?
There are over 200+ stablecoins from several protocols, which are both native and non-native, yet $USDT and $USDC have the strongest dominance.
$USDT dominance alone is approx. 62% with a market cap of $164.55b and $USDC with a market cap of $63.67b. The remaining 38% is left for $USDC and other stables, $USDC dominance is 24%.
Cumulatively, both have an 86% market share.
Ok, considering Ethena's $USDe being one of the fastest rising stars with a market cap of $8.21b with 3% dominance.
This now brings them all to a market share of 89%.
The 197+ stablecoins/ stablecoin projects are left to all fight for a spot in the remaining 11%.
IMO, it's getting saturated, I do not think there's a need for more stables, because what's the point and to what end?
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