Tether's "helding and expansion" U.S. strategy puts Circle on the defensive amid market turmoil

Golden Finance reported that Circle has long positioned USDC as a compliant alternative to USDT. Tether launched USAT, which directly challenged USDC's market position, which is closely related to Coinbase, the top cryptocurrency exchange in the United States. Dan Dolev, senior analyst at Ruisui Securities, believes that the launch of the USAT is a disadvantage for Circle. "This proves that USDC is more commoditized than people initially thought. This is why we are cautious about Circle." Earlier, analysts at Mizuho said that Circle's USDC growth may be slower than expected. Before the launch of the USAT, analysts at Bernstein held the opposite view, believing that Circle will continue to grow regardless of the competition it faces. Circle has not commented on this yet.