JPMorgan Warns Hyperliquid Is Draining Circle Stablecoin Profits
JPMorgan warned on July 14 that Hyperliquid's reserve-yield deal with Coinbase is siphoning stablecoin revenue away from Circle. Coinbase now hands Hyperliquid 90% of the yield on roughly $6 billion in USDC, a shift analysts say could cost Circle and Coinbase up to $80 million in combined annual earnings.