Analyst: Tether's new stablecoin USAT may pose a challenge to Circle's USDC in the US market

According to market news, analysts point out that Tether's newly launched stablecoin USAT, focused on the U.S. market, could become the first true competitor to Circle's USDC in the country.

Analysts believe that by partnering with the federally chartered Anchorage Digital Bank and Cantor Fitzgerald, USAT aims to attract institutional users and directly enter the regulated financial institution market long dominated by Circle. Although Circle's USDC (with a market cap of $72 billion) grew at twice the rate of USDT last year, USAT poses a threat due to its institutional-grade design, partnerships with traditional finance, and the potential to access Tether's global network through exchanges with USDT.

Analysts state that USDC previously lacked competitors in the U.S. with comparable scale, distribution capabilities, or compliance qualifications, and the emergence of USAT could change this situation. However, some analysts also point out that this represents a "manageable risk" for Circle, and USAT may pose an encroachment risk to Tether's own dominant product, USDT.