JPMorgan Chase: Circle faces "intense" competition from Tether, Hyperliquid, and fintech firms

JPMorgan analysts said Circle faces "intense" competition as Tether, Hyperliquid, and several other fintech companies prepare to launch new stablecoins. However, unless the cryptocurrency market expands significantly, the stablecoin space may ultimately become more of a "zero-sum game" for U.S. issuers.