Hyperliquid's USDC Deal: How DeFi Distribution Can Reshape Stablecoin Economics

JPMorgan reports that Hyperliquid holds approximately $6 billion in USDC and will receive about 90% of reserve income under Coinbase's on-platform model. This arrangement could reshape stablecoin economics by demonstrating how DeFi distribution can generate significant revenue streams for protocols holding large stablecoin reserves.