[Lorenzo Valente: The Stablecoin Market Exhibits Network Effects, Trillion-Dollar Scale May Be Dominated by Two Players] ARK Invest analyst Lorenzo Valente stated that stablecoins exhibit network effects. Since 2021, the number of stablecoins with a market capitalization exceeding $1 billion has only increased to 12, and currently, only Tether and Circle's products have a market capitalization exceeding $10 billion. Lorenzo Valente believes that in the future, trillion-dollar-scale stablecoins may be dominated by two players, and stablecoins at the $5 trillion scale may, after more than two years, be reduced to just one.