[Tether's 'Hedging and Expansion' U.S. Strategy Puts Circle on the Defensive Amid Market Turmoil] According to a report by Jinse Finance, Circle has long positioned USDC as a compliant alternative to USDT. Tether's launch of USAT directly challenges USDC's market position, the latter being closely tied to the top U.S. cryptocurrency exchange Coinbase. Mizuho Securities senior analyst Dan Dolev believes that the launch of USAT is a disadvantage for Circle. He stated: 'This demonstrates that the commoditization of USDC is higher than initially imagined. This is precisely why we remain cautious about Circle.' Previously, Mizuho analysts had suggested that Circle's USDC growth might be slower than expected. However, prior to the launch of USAT, analysts at Bernstein held the opposite view, believing that Circle would continue to grow regardless of the competition it faces. Circle has not yet commented on this matter.