JPMorgan: Hyperliquid Cooperation Will Put Short-Term Pressure on Circle and Coinbase Revenue

Odaily Planet Daily Report: JPMorgan stated that Hyperliquid's new cooperation arrangement will pose short-term revenue headwinds for Circle and Coinbase, while presenting a greater long-term threat to Circle's USDC economic model. The bank believes this deal has exposed a "prisoner's dilemma," prompting Circle and Coinbase to compete for USDC distribution at the expense of each other's economic interests. JPMorgan has lowered its earnings expectations for both companies, citing reasons including changes related to Hyperliquid, weakening cryptocurrency trading volumes, and declining asset prices. (CoinDesk).