Why the Stablecoin Market May Be Winner-Take-All

The argument: network effects, not just supply, determine real utility in the stablecoin market. Total stablecoin supply sits around $300 billion today, with roughly 90% owned by Circle and Tether.
A stablecoin holding 10% of that supply doesn't necessarily carry 10% of the utility, since utility depends on network effects. Without strong on-ramps, off-ramps, licenses, and connectivity to exchanges and brokers, smaller stablecoins may have almost no practical scale.