JPMorgan has highlighted that Circle, the issuer of the USDC stablecoin, is encountering increasing competition in the U.S. market. This comes as Tether, Hyperliquid, and various fintech companies are gearing up to launch new U.S.-compliant stablecoins. The entry of these players is expected to intensify the competitive landscape, challenging Circle's market position. The move by these companies to introduce compliant stablecoins reflects a broader trend of diversification and innovation within the digital currency space. As regulatory frameworks evolve, the competition among stablecoin issuers is likely to impact market dynamics and user adoption rates.