Circle Faces Rising Stablecoin Competition Amid JPMorgan “Zero-Sum” Warning
Circle, the issuer of USDC, is encountering mounting competition as Tether, Hyperliquid, and fintech firms like Robinhood and Revolut prepare new stablecoin launches.
According to JPMorgan analysts, Tether’s upcoming U.S.-compliant USAT stablecoin and Hyperliquid’s USDH could erode USDC’s market share. Circle is countering with its Arc blockchain, aimed at keeping USDC central to the digital economy.
However, analysts caution the stablecoin sector may evolve into a “zero-sum game,” where growth for one issuer comes at the expense of another—unless the broader crypto market expands significantly.
