Circle equity is worth $30.5b. Tether’s topco is reportedly raising capital at $500b. Together, the two stablecoins boast $245b in supply, or about 85 percent of the stablecoin market. Since inception, only Tether and Circle have maintained meaningful market share. No one else has even come close. Dai peaked at $10b in early 2022. Terra’s doomed UST did surge to $18b in May 2022 but accounted for only about 10% of the market, and then only ephemerally. The most ambitious attempt to dethrone Teth...