Circle is facing heightened competition from Tether, which plans to launch its USAT stablecoin, and Hyperliquid, set to introduce USDH. Both efforts aim to capture more market share in a landscape dominated by few.
Analysts suggest that the stablecoin sector, valued at approximately 278 billion USD, could enter a zero-sum scenario. If overall cryptocurrency growth does not improve, issuers may increasingly compete for existing market share.
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