JPMorgan: USDC on-chain growth surpasses USDT, institutional adoption and regulatory compliance are key. According to Golden Finance's report, JPMorgan analysts state that Circle's USDC stablecoin has surpassed Tether's USDT in terms of on-chain activity and market capitalization growth. Since January of this year, the market capitalization of USDC has increased from about $43 billion to about $74 billion, a rise of 72%, significantly higher than the 32% growth of USDT during the same period. Analysts point out that the growth of USDC is attributed to a clearer regulatory framework, transparent reserve management, regular audits, and compliance advantages under the European MiCA regulations, while institutional adoption rates continue to rise. In contrast, USDT, which is not authorized under MiCA, has faced delisting on exchanges in Europe, while USDC has promoted on-chain settlements and merchant payments through integrations with payment networks such as Visa, Mastercard, and Stripe. Additionally, the increase in decentralized finance activities of USDC on blockchains like Solana and Base, as well as Circle's cross-chain transfer protocol (CCTP) supporting secure cross-chain transfers, have also contributed to its growth.