According to JPMorgan, the $270 billion stablecoin market mirrors the overall cryptocurrency market cap, suggesting that new stablecoin launches may merely redistribute market share. Despite significant growth, stablecoins still represent less than 8% of the total crypto market, a proportion maintained since 2020. Tether is set to launch a fully U.S.-compliant stablecoin to compete with Circle's USDC, with various companies including PayPal, Robinhood, and Revolut following suit. Analysts highlight that major players like Circle are developing their own blockchain to enhance USDC's performance and usability. The recent wave of U.S. stablecoin launches is seen as potentially zero-sum unless the broader crypto market experiences significant growth. Circle's USDC supply has notably outpaced earlier estimates, marking a competitive landscape in stablecoins.

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