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2h ago

JPMorgan Flags Zero-Sum Fight as Tether’s USAT and Hyperliquid’s USDH Target USDC

A new JPMorgan note says fresh U.S. stablecoins may mostly reshuffle demand absent broader crypto growth.

(Source: DefiLlama)
(Source: Glassnode)
U.s. stablecoin battle could be zero sum game: jpmorgan

Overview

  • The bank’s analysts say stablecoin supply has long tracked crypto’s overall market, keeping the sector near 8% of total market cap despite growth.
  • Tether plans a U.S.-compliant token called USAT with reserves custodied at Anchorage Digital to fully meet new regulatory standards.
  • Hyperliquid is preparing its USDH stablecoin, and its exchange already accounts for roughly 7.5% of USDC usage, signaling potential share erosion for Circle.
  • Fintechs including PayPal, Robinhood, and Revolut are rolling out or developing their own tokens, according to the report, intensifying pressure on USDC.
  • Circle is building Arc, a blockchain tailored to USDC transactions, as USDC supply climbs to about $72.5 billion, roughly 25% above Bernstein’s 2025 forecast.