The revenue share deal could shift an estimated $160 million in revenue from Coinbase and Circle into Hyperliquid's ecosystem, Compass Point analysts said.

Coinbase moved deeper into Hyperliquid, taking the USDC deployer role, while HYPE jumped on the shift toward a more unified stablecoin setup.

The revenue share deal could shift an estimated $160 million in revenue from Coinbase and Circle into Hyperliquid's ecosystem, Compass Point analysts said.