Defi
JPMorgan Cuts Circle, Coinbase Forecasts Over Hyperliquid USDC Revenue Deal
TokenPost·July 15, 2026·1 min read
JPMorgan cut earnings forecasts for Circle and Coinbase after their revenue-sharing agreement with Hyperliquid. The deal changes USDC reserve revenue allocation: Coinbase classifies USDC on Hyperliquid as on-platform, receives reserve income, then returns 90% to Hyperliquid instead of splitting with Circle. JPMorgan warns this could reshape USDC stablecoin economics.
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