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Jinse Finance reported that JPMorgan analysts stated that as Tether, Hyperliquid, and several fintech companies prepare to launch new stablecoins, USDC stablecoin issuer Circle is facing "intense" competition. However, they warned that unless the cryptocurrency market expands significantly, the stablecoin market for U.S. issuers may ultimately evolve into a "zero-sum game." In a report released on Wednesday, analysts including JPMorgan Managing Director Nikolaos Panigirtzoglou wrote: "In summary, as we get closer to the implementation of new U.S. stablecoin legislation, new entrants are emerging in the U.S. stablecoin market, ready to seize market share, gain liquidity advantages, and challenge Circle's dominance." Notably, the analysts believe that the supply of stablecoins is closely related to the overall market capitalization of cryptocurrencies, which means that if there is no significant expansion in the crypto sector, issuers are likely to trade market share at the expense of each other rather than expanding the overall market. A "zero-sum game" refers to a situation where one party's gain is offset by another party's loss, resulting in no net gain or loss for the entire group.

Jinse Finance reported that all three major U.S. stock indexes closed higher and reached new closing highs. The Dow Jones Industrial Average closed up 0.27%, the Nasdaq closed up 0.94%, and the S&P 500 Index closed up 0.48%.