JPMorgan says Circle faces "hard" competition from Tether, Hyperliquid and fintech competitors
Source: CoinWorld
Time: 2025-09-19 05:03:01
JPMorgan analysts warn that USDC issuer Circle faces fierce competition as Tether prepares to launch USAT, a stablecoin fully compliant with the General Data Protection Act (GENIUS Act), with reserves held by Anchorage Digital, while Hyperliquid plans to launch its USDH stablecoin, which could reduce USDC usage. Robinhood and Revolut are also developing their own stablecoins. Analysts warn that if the cryptocurrency market does not expand significantly, competition for U.S. stablecoins could turn into a "zero-sum game" and issuers would only compete for market share, rather than expanding overall market share.