Stablecoin wars are heating up 🥊 Tether still holds the crown with 66% of TVL, but Circle has quietly closed the gap, now controlling over 25%. Everyone else? Fighting for scraps. Sky, Ethena, and WLF haven’t managed to gain meaningful traction, showing just how hard it is to challenge the top two. With the rise of real-world assets and yield-bearing stables, this market is about to get even more competitive.