JPMorgan: Hyperliquid's rise threatens Circle's USDC revenue

JPMorgan analysts warn that Hyperliquid's partnership with Circle and Coinbase creates a "prisoner's dilemma" dynamic that pressures earnings from the USDC stablecoin. As Hyperliquid grows in DeFi, its deal structure could gradually erode the economic model underpinning the dollar-pegged coin. The bank flags this as a structural risk to Circle's revenue base.