According to online reports, JPMorgan analysts said that Circle, the issuer of USDC stablecoins, is facing "fierce" competition as Tether, Hyperliquid and several fintech companies prepare to launch new stablecoins. However, they warned that unless the cryptocurrency market expands significantly, the stablecoin market could eventually turn into a "zero-sum game" for U.S. issuers. Analysts such as JP Morgan Managing Director Nikolaos Panigirtzoglou wrote in a report on Wednesday: "Overall, as we move closer to the implementation of new U.S. stablecoin legislation, new entrants are emerging in the U.S. stablecoin market ready to grab market share, gain liquidity advantages, and challenge Circle's dominance." It is worth noting that analysts believe that the supply of stablecoins is closely related to the overall market value of cryptocurrencies, which means that if the cryptocurrency space does not expand significantly, issuers are likely to trade at the expense of market share rather than expand market share. A "zero-sum game" refers to the situation where one party's gains are offset by the other party's losses, and there is no net gain or net loss for the entire group.