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[JPMorgan: USDC On-Chain Activity and Market Cap Growth Rate Surpass USDT] JPMorgan analysts pointed out that, benefiting from a clearer regulatory framework and increased institutional adoption, the stablecoin USDC issued by Circle has surpassed Tether's USDT in terms of on-chain activity and market capitalization growth. Data shows that USDC's market cap has grown from approximately $43 billion in January 2025 to about $74 billion currently, an increase of 72%, significantly higher than USDT's 32% growth rate over the same period. USDC's transparent reserve management, regular audits, and compliance with regulatory frameworks such as the Markets in Crypto-Assets (MiCA) regulation have made it the preferred stablecoin for financial institutions. The MiCA regulation, set to take effect in July 2024, has driven the circulation speed and on-chain activity of USDC. Additionally, USDT faces delisting pressure due to its lack of MiCA authorization, while USDC has further solidified its market position through integration with payment networks, applications on blockchains like Solana, and support for cross-chain transfer protocols. Analysts believe that competition in the stablecoin market may exhibit a 'zero-sum game' dynamic, unless the overall size of the crypto market expands significantly. U.S.-based stablecoin issuers are likely to focus primarily on competing for market share.