[Analysis: Tether's Stablecoin USAT May Challenge Circle's USDC in the U.S. Market] According to a report by Jinse Finance, analysts suggest that Tether's newly launched stablecoin, USAT, targeting the U.S. market, could become the first credible direct competitor to Circle's USDC in its home 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. Clear Street analyst Owen Lau, however, believes that USAT represents a 'manageable risk' for Circle, while also cautioning that there may be some degree of internal cannibalization risk between Tether's two stablecoins.