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US banking giant JP Morgan said that significant changes are taking place in the stablecoin world.
According to CoinDesk, JPMorgan said that $USDC threatens $USDT's market dominance.
According to an analysis by JPMorgan analysts, $USDC is emerging as a strong competitor and threatening $USDT's long-held market dominance.
The bank noted that $USDC's market value has increased by 72% this year to $74 billion, outpacing $USDT's 32% growth.
JP Morgan suggested that this reflects a shift in the market towards assets with greater perceived legitimacy and transparency.
This trend is largely due to regulatory clarity provided by Europe's MiCA framework, which comes into force in mid-2024, according to analysts.
While $USDC's compliance, transparent reserves, and regular audits increase its appeal to institutional investors, $USDT's lack of MiCA authorization has led to its removal from many European exchanges.
Analysts noted that the implementation of the Markets for Crypto Assets (MiCA) regulation led to $USDT being removed from many European exchanges. This regulatory change created a significant gap that $USDC could fill. European users seeking compliant options have turned to $USDC, increasing demand and strengthening its market position.
Finally, the bank stated that $USDC's collaborations with payment giants such as Visa, Mastercard, and Stripe were also effective in increasing its on-chain activities.
*This is not investment advice.