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

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

JPMorgan warns Hyperliquid's deal to capture 90% of USDC reserve yield could redirect $160 million annually from Circle and Coinbase to the DeFi platform.