Jinse Finance reported that Circle has long positioned USDC as a compliant alternative to USDT. Tether's launch of USAT directly challenges USDC's market position, with the latter maintaining close ties to a top US crypto exchange. Dan Dolev, Senior Analyst at Mizuho Securities, believes that the launch of USAT is a negative factor for Circle. He stated: "This proves that USDC is more commoditized than initially thought. That is exactly why we remain cautious about Circle." Previously, analysts at Mizuho had indicated that the growth of Circle's USDC might be slower than expected. However, prior to the launch of USAT, analysts at Bernstein held the opposite view, believing that Circle would continue to grow regardless of competition. Circle has not yet commented on the matter.