🚗 #GateSquareCommunityChallenge# Round 2 — Which coin is not listed on Gate Launchpad❓
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🗓️ Deadline: October 8, 2025, 24:00 (UTC+8)
JPMorgan: The US stablecoin market may fall into a Zero-sum Game.
ChainCatcher news, JPMorgan's latest research report points out that the $270 billion stablecoin market may face a zero-sum game situation. The report shows that although the stablecoin market size has significantly risen, its share of the total market capitalization of crypto assets has remained below 8% since 2020. After the passage of stablecoin legislation in the United States, market competition has intensified. Tether plans to launch a fully compliant USAT stablecoin, while fintech giants like PayPal and Robinhood are also getting on board. In response, Circle is developing a proprietary blockchain, Arc, to enhance the competitiveness of USDC. JPMorgan analysts believe that unless the overall cryptocurrency market expands, new entrants may only redistribute existing market share rather than bring substantial growth.