PANews reported on September 19th that according to The Block, JPMorgan analysts stated that Circle faces "intense" competition as Tether, Hyperliquid, and several other fintech companies are preparing to launch new stablecoins. However, unless the cryptocurrency market expands significantly, the stablecoin sector may ultimately become more of a "zero-sum game" for US issuers. Analysts note that Tether plans to launch a GENIUS Act-compliant stablecoin, USAT, but its current USDT reserves are only approximately 80% compliant. Tether intends to place its USAT reserves in custody with Anchorage Digital to build trust, reduce costs, mitigate risks, and retain more revenue and improve profit margins. Meanwhile, Hyperliquid is preparing to launch its native stablecoin, USDH, to break away from its reliance on USDC. Its futures exchange accounts for approximately 7.5% of USDC usage, and the launch of USDH could reduce USDC's share. Analysts believe that the supply of stablecoins is closely related to the total market value of cryptocurrencies. If the field does not expand significantly, issuers may fall into a "zero-sum game", competing for market share rather than common development. The current scale of stablecoins is about US$278 billion, but its proportion of the total market value of cryptocurrencies is stable, lower than the average level of 8%.PANews reported on September 19th that according to The Block, JPMorgan analysts stated that Circle faces "intense" competition as Tether, Hyperliquid, and several other fintech companies are preparing to launch new stablecoins. However, unless the cryptocurrency market expands significantly, the stablecoin sector may ultimately become more of a "zero-sum game" for US issuers. Analysts note that Tether plans to launch a GENIUS Act-compliant stablecoin, USAT, but its current USDT reserves are only approximately 80% compliant. Tether intends to place its USAT reserves in custody with Anchorage Digital to build trust, reduce costs, mitigate risks, and retain more revenue and improve profit margins. Meanwhile, Hyperliquid is preparing to launch its native stablecoin, USDH, to break away from its reliance on USDC. Its futures exchange accounts for approximately 7.5% of USDC usage, and the launch of USDH could reduce USDC's share. Analysts believe that the supply of stablecoins is closely related to the total market value of cryptocurrencies. If the field does not expand significantly, issuers may fall into a "zero-sum game", competing for market share rather than common development. The current scale of stablecoins is about US$278 billion, but its proportion of the total market value of cryptocurrencies is stable, lower than the average level of 8%.

                                                                               BitGo’s move creates further competition in a burgeoning European crypto market that is expected to generate $26 billion revenue this year, according to one estimate.                     BitGo, a digital asset infrastructure company with more than $100 billion in assets under custody, has received an extension of its license from Germany’s Federal Financial Supervisory Authority (BaFin), enabling it to offer crypto services to European investors. The company said its local subsidiary, BitGo Europe, can now provide custody, staking, transfer, and trading services. Institutional clients will also have access to an over-the-counter (OTC) trading desk and multiple liquidity venues.The extension builds on BitGo’s previous Markets-in-Crypto-Assets (MiCA) license, also issued by BaFIN, and adds trading to the existing custody, transfer and staking services. BitGo acquired its initial MiCA license in May 2025, which allowed it to offer certain services to traditional institutions and crypto native companies in the European Union.Read more