JPMorgan Cuts Circle and Coinbase Forecasts Over Hyperliquid Deal JPMorgan downgraded earnings estimates for Circle and Coinbase, stating t…
JPMorgan Cuts Circle and Coinbase Forecasts Over Hyperliquid Deal
JPMorgan downgraded earnings estimates for Circle and Coinbase, stating their new agreement with Hyperliquid weakens USDC economics. Coinbase will now pay 90% of USDC reserve yields on the platform to Hyperliquid, instead of splitting it evenly with Circle. JPMorgan notes this creates a "prisoner's dilemma" for USDC distribution. Hyperliquid currently holds ~$6B USDC (8% of circulating supply).
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