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%.