JPMorgan analysts say Circle’s USDC is under growing pressure as Tether, Hyperliquid, and fintech firms like Robinhood and Revolut prepare rival stablecoins.
> Tether plans to launch USAT, a fully GENIUS Act–compliant token with reserves held at Anchorage Digital.
> Hyperliquid is rolling out USDH to reduce reliance on USDC.
> JPMorgan analysts also argue that fintech-backed coins could add further strain.
> Circle is countering with Arc, a blockchain built to keep USDC central.
> Analysts caution that the market may remain a “zero-sum game,” with issuers trading market share unless the overall crypto sector expands.
The stablecoin market is currently valued at $278B but remains below its 8% share of total crypto market cap.
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