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JPMorgan: Circle and Coinbase’s stablecoin business faces margin pressure, cutting its earnings outlook
BlockBeats message, July 15, according to Bloomberg, JPMorgan Chase & Co. said that the stablecoin business of Circle Internet Group and Coinbase Global is facing increasing pressure on profitability, and believes that a new collaboration involving the crypto trading platform Hyperliquid highlights the “prisoner’s dilemma” that the two companies are in.
On Tuesday, the bank cut its profit forecasts for these two leading crypto companies, saying that the new partnership arrangement changes how revenue is distributed—specifically, how the proceeds generated by USDC, the world’s second-largest stablecoin issued by Circle, will be allocated among the various distribution partners.