JPMorgan предупреждает о рисках нулевой суммы в «гонке стейблкоинов» США Translation: JPMorgan warns of zero-sum risks in the US stablecoin race

The anticipated wave of stablecoin launches in the United States could evolve into a zero-sum competition. This was reported by CoinDesk, referencing a JPMorgan analysis.

Bank analysts led by Nikolaos Panigirtzoglou noted that the sector has recently grown to a substantial $270 billion. Yet, its market share in the cryptocurrency landscape has remained almost unchanged since 2020, holding steady at about 8% of the total market capitalization.

Experts argue that this trend indicates that the anticipated entry of new players into the sector will merely result in a reshuffling unless the entire industry sees significant expansion.

The passage of the GENIUS Act regulating stablecoins in the U.S. has already sparked a wave of new asset launches, according to JPMorgan. In March, FT journalists pointed out the plans of several global banks and fintech companies regarding such assets, labeling this a «stablecoin race.» Most of these projects primarily aim to rival the dominant U.S. stablecoin, USDC, issued by Circle.

In September, the leading decentralized perpetual contracts exchange, Hyperliquid, selected an issuer for its own stablecoin, USDH. This decentralized platform holds about 7.5% of the circulating USDC.

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

Circle’s position is also potentially threatened by stablecoins from fintech giants like PayPal (PYUSD), Robinhood, and Revolut, as analysts suggest.

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

In June, Circle made its debut on Nasdaq and subsequently applied for a trust bank license in the United States.

The market capitalization of the leading stablecoin, USDT, stands at around $171.5 billion, while USDC has a market cap of nearly $74 billion.

Rising to sixth place with a valuation of approximately $2.7 billion is USD1 from the DeFi platform World Liberty Financial, which is linked to the family of former U.S. President Donald Trump.

The supply of PayPal’s PYUSD, launched in August 2023, does not exceed $1.4 billion.

In September, Kyle Klemmer, co-founder of Blockstreet, which promotes USD1, predicted its dominance by the end of the current presidential term in three years.

It’s worth noting that Standard Chartered has reported that its clients show greater interest in «stablecoins» than in Bitcoin.

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