Tether's "Hedging and Expansion" strategy in the US puts Circle on the defensive amid market turbulence.

Golden Finance reported that for a long time, Circle has positioned USDC as a compliant alternative to USDT. Tether launched USAT, directly challenging the market position of USDC, which has a close relationship with the top US cryptocurrency exchange, Coinbase. Dan Dolev, a senior analyst at Mizuho Securities, believes that the launch of USAT is a disadvantage for Circle. He stated, "This proves that the commoditization of USDC is higher than people initially thought. This is precisely why we remain cautious about Circle." Previously, analysts at Mizuho stated that Circle's USDC growth may be slower than expected. However, before the launch of USAT, analysts at Bernstein held the opposite view, believing that Circle would continue to grow regardless of any competition. Circle has not yet commented on this matter.