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JPMorgan analysts indicate that Circle is facing intense competition from Tether, Hyperliquid, and other fintech companies. The analysis points out that unless the crypto market expands significantly, the stablecoin sector may become a zero-sum game. Currently, the stablecoin market is approximately $278 billion, accounting for less than 8% of the total cryptocurrency market capitalization. #稳定币 #Tether #Circle #加密资产
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