JPMorgan: USDC on-chain activity surpasses USDT, regulatory factors drive changes in the stablecoin landscape.

According to a report by CoinDesk on October 30, Morgan Stanley's report shows that Circle's USDC has surpassed Tether's USDT in on-chain activity. The market capitalization of USDC has risen 72% this year to $74 billion, significantly outpacing USDT's 32% increase. Analysts believe this shift is due to the implementation of the European MiCA regulatory framework, which has led to the delisting of USDT by several European exchanges due to lack of authorization, while USDC has gained favor among institutional investors due to its compliance, transparent reserves, and regular audits. The increased activity of USDC on blockchains such as Solana and Base, along with its integration with payment giants like Visa and Mastercard, further enhances its competitiveness. Although USDT still dominates in emerging markets, experts predict that USDC's regulatory model may become the standard for global stablecoin development.