[Analysis: Tether's Stablecoin USAT May Become Circle's USDC's First Direct Competitor in the U.S. Market] According to a report by Jinse Finance, analysts suggest that Tether's stablecoin USAT, aimed at the U.S. market, could become the first credible direct competitor to Circle's USDC in its domestic market. Noelle Acheson from *Crypto is Macro Now* pointed out that USAT poses a 'threat' to USDC and may gain a competitive edge through institutional partnerships and interoperability with the global USDT ecosystem. ClearStreet analyst Owen Lau, however, believes that USAT represents a 'manageable risk' for Circle, while also cautioning that there may be some internal cannibalization risks between Tether's two stablecoins.