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Analysts at JPMorgan Chase pointed out that the issuer of the stablecoin USDC, Circle, is facing "intense" competition the issuers of the stablecoin USDT, Tether, Hyperliquid, and many financial technology companies are all preparing to launch new stablecoins. However, the analysts also warned that unless the cryptocurrency market expands significantly, the current market structure for US stablecoin issuers may ultimately lean more towards a "zero-sum game." Analysts believe that the supply of stablecoins is closely related to the overall market capitalization of cryptocurrencies this means that if the entire cryptocurrency market does not significantly expand, the issuers are likely only competing for market share rather than collectively expanding the market size.