Tether is launching Ustat, a stablecoin in accordance with the United States built to meet the rules of the new Genius Act. Unlike USDT, where only about 80% of the reserves meet conformity standards, Usat will maintain activities with Anchorage Digital. JPMORGAL analysts led by Nikolaos Panigirtzoglou said that the launch, together with the Hyperliquid USDH and other Fintech coins, will press the circle.
This shift could raise margins and avoid false steps such as Circle exposure to Silicon Valley Bank in 2023.
JPMorgan observed that the struggle for market share is zero-sommasical mainly unless the overall cryptocurrency market does not grow. So who will win the Stablecoin wars?
Can the hyperliquid and Fintech giants really steal the market share from the circle?
Hyperliquid, one of the most viral web3 projects of 2025, is moving to cut the links with the USDC addiction of Circle by launching its USDH Stablecoin. 99 bitcoin analysts have noticed that Iperliquidi represent about 7.5% of the total use of the USDC, which could translate into an immediate blow to Circle’s market share.
We wondered how the circle would have reacted to $ USDH Saga and in response, they published a blog post that discussed:
1⃣ Purchase $ Hype and continuing to buy more
2⃣ be a validator
3⃣ Investing in developers along W/CCTP V2
4⃣ Incentive programs for Hip-3/Hypertevm manufacturers pic.twitter.com/rojvzupvm7
– Castle Labs
(@castle_labs) September 18, 2025
In the meantime, it is said that Robinhood and Revolut develops internal Stablecoin, adding another threat to the circle strategy to build the arch, a blockchain optimized for speed and interoperability to maintain the central USDC in the ecosystem.
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Why did the growth of Stablecoin blocked himself despite all the hype?
According to the data of Defi Llama and Coingecko, the total market of Stablecoin is currently about $ 290 billion. It seems enormous, but zoom and the story changes:
- Stablecoins represent under 8% of the cryptocurrency market capitalization, a level that has barely moved since 2020.
- The growth of the offer has reflected the largest cryptocurrency market, not increased in front of it.
Glassnode metrics show a Stablecoin speed that increases slowly, indicating a lack of fresh demand that enters the system.
This stagnation is the reason why JPMorgan warns that the Stablecoin market may not grow significantly unless the entire cryptocurrency industry expands, leaving the issuers to fight for the slices of the same cake.
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What this battle for stocks, energy and economy means
The role of Stablecoins has expanded, touching everything, from Business Fintech models to banking policy and raw materials.
On the macro side, Stablecoin could be used in cross -border settlements for goods such as oil or natural gas. This could ripple in energy prices if the adoption widens. But the main remains of uncertainty of which Stablecoin dominate the market? Furthermore, is it a zero sum like JpMorgan warns or is it only FUD?
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JPMORGAL analysts led by Nikolaos Panigirtzoglou said that the launch, together with the Hyperliquid USDH and other Fintech coins, will press the circle.
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The Stablecoin market is a zero -sum game like JpMorgan warns, or is it only FUD?
Has the post JpMorgan just performed the hyperliquid on the circle for the future of finance? He appeared first out of 99bitcoin.