JPMorgan Warns of Intensifying Stablecoin Competition as Circle Faces New Rivals
JPMorgan analysts highlight mounting pressure on Circle's USDC as Tether prepares to launch a GENIUS Act-compliant USAT stablecoin and Hyperliquid rolls out USDH. Fintech firms like Robinhood and Revolut further crowd the $278 billion market, which risks becoming a zero-sum game without broader crypto expansion.
Tether's institutional-focused USAT aims to leverage regulatory compliance as a competitive edge, while Hyperliquid's USDH threatens near-term market share erosion. Stablecoins now represent just 8% of total crypto capitalization—a ratio stagnant since 2020.