The entire stablecoin market is basically two companies and a graveyard.

> $USDT: 59.74%
> $USDC: 24.82%
That's 84.56% of the entire market.
controlled by Tether and Circle.
Two private companies.
deciding what "stable" means for all of crypto.
↓
Everything else is fighting over the remaining 15%.
- USDS: 2.26%
- USDe: 1.95%
- USD1: 1.51%
- DAI: 1.46%
- PYUSD: 1.37%
DAI spent years being the poster child for decentralized stablecoins.
Now it has less market share than a PayPal product.
USDe (Ethena) built a synthetic dollar using funding rate arbitrage.
It works until it doesn't.
It currently has nearly 2% of the entire market.
People are fine with this.
The "Others" bucket - 6.89% - contains dozens of stablecoins.
FDUSD. GHO. crvUSD. and more.
Each one under 1%.
Each one with a team that raised money promising to fix what USDT got wrong.
That's the irony of crypto:
The asset class built to escape centralized finance
Runs almost entirely on dollars
Issued by two centralized companies
that can freeze your funds with one API call.