JPMorgan analysts warn that Circle's USDC stablecoin faces increasing competition from Tether's upcoming USAT, Hyperliquid's USDH, and various fintech stablecoins. As the stablecoin market approaches new U.S. legislation, the analysts suggest that this rivalry may lead to a "zero-sum game" with issuers mainly vying for market share unless the overall crypto market expands significantly.