Circle has long positioned USDC as a compliance alternative to USDT. Tether's launch of USAT directly challenges the market position of USDC, which has close ties to Coinbase, the top US cryptocurrency exchange.
Dan Dolev, a senior analyst at Mizuho Securities, sees the launch of USAT as a headwind for Circle. "It proves that USDC is more commoditised than people initially thought," he says. "That's why we are cautious about Circle."
Previously, Mizuho analysts had said that Circle's USDC growth could be slower than expected. Before the launch of USAT, Bernstein analysts took the opposite view, believing that Circle will continue to grow regardless of the competition it faces.
Circle has not yet commented on this.
Tether's "hedge and expand" US strategy puts Circle on the defensive amid market turmoil
2025-09-14 19:42:19
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