Hyperliquid's deal with Circle and Coinbase creates a "prisoner's dilemma" that puts pressure on earnings from the dollar-pegged stablecoin.

Hyperliquid's deal with Circle and Coinbase creates a "prisoner's dilemma" that puts pressure on earnings from the dollar-pegged stablecoin.

JPMorgan warns that HyperliquidX's growth could threaten Circle's USDC model. HyperliquidX reaching $100 by December 31, 2026 is at 31% YES.

Mizuho downgraded the stock and JPMorgan lowered earnings estimates, citing concerns that USDC is coming under pressure.

JPMorgan cuts Circle and Coinbase earnings forecasts as the Hyperliquid deal weakens USDC revenue economics for both firms.