Even as the stablecoin market has surged into a roughly $300 billion category, the competitive landscape is tightening rather than fragmenting—leaving Tether (USDT) and USD Coin (USDC) more entrenched than ever. A new report from Kaiko Research argues that the next phase of stablecoin competition will be decided less by who can mint tokens and more by who can secure durable ‘adoption’ and deep ‘liquidity’.
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