JPMorgan предсказал риск «нулевой суммы» в предстоящей гонке стейблкоинов в США Headline: JPMorgan predicts a zero-sum risk in the upcoming stablecoin race in the U.S.

The anticipated wave of stablecoins in the United States may evolve into a zero-sum competition. This is reported by CoinDesk, citing a JPMorgan report.

Bank analysts led by Nikolaos Panigirtzoglou noted that the segment has recently surged to a notable $270 billion. Meanwhile, its share of the cryptocurrency market has remained relatively stable since 2020, accounting for approximately 8% of total market capitalization.

Experts suggest that this trend indicates that the expected influx of new players in the sector will merely lead to a redistribution unless there is significant expansion throughout the industry.

The enactment of the GENIUS Act regulating “stablecoins” in the U.S. has already triggered a cycle of new asset launches, according to JPMorgan. FT reporters highlighted in March the plans of several global banks and fintech companies regarding such assets, describing it as a “stablecoin race.” Most of these projects primarily aim to compete with the dominant U.S. USDC from Circle.

In September, the leading DEX for perpetual contracts, Hyperliquid, chose an issuer for its own USDH token. This decentralized platform accounts for around 7.5% of the circulating USDC supply.

The company behind USDT, Tether, introduced USAT—a stablecoin fully compliant with the GENIUS Act.

Circle’s position could also be potentially threatened by coins from fintech giants such as PayPal (PYUSD), Robinhood, and Revolut, analysts believe.

In response, the USDC issuer is developing Arc—a blockchain specifically tailored for stablecoin operations. This solution aims to enhance transaction speed, security, and cross-chain compatibility. The company has also deepened its integration with Hyperliquid.

In June, Circle went public on Nasdaq and subsequently applied for a trust banking license in the U.S.

The market capitalization of the leading stablecoin USDT stands at approximately $171.5 billion, while USDC’s market cap nears $74 billion.

USD1 from the DeFi platform World Liberty Financial—part of the family of U.S. President Donald Trump—has risen to the sixth position in the rankings with a valuation of around $2.7 billion.

The offering launched by PayPal in August 2023, PYUSD, does not exceed $1.4 billion.

In September, Kyle Klemmer, co-founder of Blockstreet, a company behind USD1, predicted its dominance by the end of the president’s second term in three years.

It’s noteworthy that Standard Chartered reported an increased client interest in “stablecoins” over Bitcoin.

Patrick Collison, co-founder and CEO of Stripe, explained the appeal of stablecoins for businesses due to their faster, cheaper, and more reliable payment methods compared to traditional systems.