JPMorgan Chase: Circle's USDC stablecoin may be the biggest beneficiary of the GENIUS Act

JPMorgan analysts released a report on Tuesday stating that the market capitalization of stablecoins has risen by 19% since the signing of the GENIUS Act on July 18, with the biggest beneficiary appearing to be Circle's USDC. After stagnating earlier this year, its market capitalization soared in the third quarter, increasing from $61.5 billion at the end of June to $73.7 billion at the end of September, accounting for 25.5% of the stablecoin market. It is expected to rise by approximately 400 basis points by 2025. Tether's dominance has declined, from 67.5% at the beginning of the year to 60.4%. Analysts say the GENIUS Act may further tilt the balance in Circle's favor. (CoinDesk)