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FollowingARK Invest CEO: USDT and USDC will continue to dominate the stablecoin market
ARK Invest CEO Cathy Wood said that existing issuers will continue to dominate the stablecoin market. Wood believes that thanks to strong network effects, Tether\'s USDT and Circle\'s USDC are still in a leading position, making it difficult for new competitors to catch up.
ARK Invest\'s Outlook for Stabilocins
Wood describes stabocins as not just digital assets, but a currency network that is strengthening as use expands. She pointed out that increased adoption rates have enhanced the value of these networks and emphasized trust, collateral structure and integration with financial platforms, putting USDT and USDC at the heart of the market. Cathy Wood emphasized that as stablecoins gain wider adoption, they will evolve into increasingly powerful currency networks, making it difficult for USDT and USDC to be easily replaced by new issuers.
Wood cited recent research by Lorenzo Valente, head of digital assets at ARK Invest, pointing out that despite increasing competition, the possibility of a new stablecoin surpassing existing leaders remains slim. Each new user, enterprise and platform partnership will further consolidate the network effects enjoyed by leading stablecoins. This dynamic mechanism brings significant advantages to USDT and USDC in the areas of transactions, payments, and decentralized finance. Their wide acceptance and deep liquidity create high barriers for new entrants seeking to establish themselves in the market.
New entrants and intensified competition
As the global stablecoin market approaches US$308 billion, competition from both cryptocurrency-native companies and traditional financial institutions is intensifying. Recently, a number of projects focusing on institutional application scenarios have emerged one after another. One such project is Open Standard, which launched Open USD under the leadership of Stripe\'s Bridge co-founder Zach Abrams. Open Standard uses a consortium structure formed by multiple companies.
The Open USD program aims to eliminate issuance and redemption fees, allocate most reserve income to participants, and adopt an independent governance model. The project is said to have received support from more than 140 companies. Its goals include waiving issuance and redemption fees, allocating most reserve income to contributors, and maintaining an independent governance system. However, several well-known South Korean companies, including Samsung Electronics and Shinhan Financial Group, clarified that although they appeared on the list of supporters, they had not formally committed to joining the alliance. This situation has raised new questions about the reliability and substantive nature of institutional support for emerging stablecoin projects.
stablecoin market remains balanced
As payment companies and financial institutions increase investment in blockchain-based settlement systems, the stablecoin field continues to expand rapidly. New issuers are trying to enter this space through partnerships, acquisitions and infrastructure projects. Despite this, ARK Invest\'s analysis believes that given the large user base of existing stablecoins, deep liquidity and extensive integration across the crypto ecosystem, they may still maintain their leading position. The company pointed out that these factors further enhance network effects, making it difficult for new entrants to win significant market share.
