[JPMorgan: Circle Faces Intense Competition in the Stablecoin Market] JPMorgan analysts pointed out that with Tether, Hyperliquid, and multiple fintech companies launching new stablecoins, USDC issuer Circle is facing intensified market competition. Analysts warned that if the crypto market does not expand significantly, the U.S. stablecoin market could evolve into a 'zero-sum game,' making it difficult for issuers to increase overall market share. The report also mentioned that stablecoin supply is closely tied to cryptocurrency market capitalization, and new legislation may further drive market competition.