JP Morgan Chase: Circle dollar stablecoin USDC or the biggest beneficiary of the GENIUS Act
2025-09-30 13:45:28
JPMorgan analysts released a report on Tuesday noting that the market cap of stablecoins has risen by 19% since the signing of the GENIUS Act, and the biggest beneficiary appears to be Circle-owned USDC. After a stagnation earlier this year, its market cap soared in the third quarter, from $61.50 billion at the end of June to $73.70 billion at the end of September, accounting for 25.5% of the stablecoin market. Expected to rise by about 400 basis points by 2025, Tether's dominance has declined, from 67.5% at the beginning of the year to 60.4%. Analysts say the GENIUS Act could tilt further in Circle's favor.
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