• Coinbase’s Hyperliquid Deal Sparks JPMorgan Cuts for Circle and COIN Forecasts

    Coinbase’s Hyperliquid Deal Sparks JPMorgan Cuts for Circle and COIN Forecasts

    JPMorgan cuts Circle and Coinbase forecasts as Hyperliquid gets 90% of USDC reserve yield on its $6B balance, 8% of supply today. JPMorgan has lowered earnings forecasts for Circle and Coinbase after a reported Hyperliquid agreement changed USDC revenue sharing. The bank said the new structure could weaken the economics behind USDC distribution across large…