Crypto news outlet Jinse.com reports that JPMorgan Chase warned that trading the USDC stablecoin with HyperLiquid could threaten the profits of Coinbase and Circle. Under this arrangement, 90% of the USDC yield is returned to HyperLiquid, which uses the funds to repurchase HYPE tokens to increase their value. In its July 2026 report, JPMorgan Chase said this partnership could cause Coinbase and Circle to compete in USDC distribution, creating a “prisoner’s dilemma.” At present, HyperLiquid is the largest decentralized exchange, with trading volume exceeding $150 billion in July.

JPM2.55%
HYPE6.33%
USDC-0.03%
COIN2.62%
CRCL0.25%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 6
  • Repost
  • Share
Comment
Add a comment
Add a comment
InstantNoodlesWithContracts
· 7h ago
USDC yield distribution—this core interest is being undermined, and the stablecoin war is about to escalate
View OriginalReply0
Low-PolyFloatingEarth
· 9h ago
Has JPM’s 2026 report already been released? Warning a year in advance suggests that traditional finance is also keeping a close eye on DeFi.
View OriginalReply0
BlueMultisig
· 9h ago
JPMorgan’s report is pretty ruthless—it directly lays bare the profit chain behind HyperLiquid and USDC.
View OriginalReply0
椰子壳里装Alpha
· 9h ago
Decentralized exchanges have a monthly trading volume of 150 billion, and the figure really is startling—pressure on CEXs is getting heavier.
View OriginalReply0
GateUser-16838403
· 9h ago
The phrase “Prisoner’s Dilemma” is used well. Coinbase and Circle are competing with each other, while HyperLiquid sits back and reaps the spoils.
View OriginalReply0
WhitepaperByTheRoadside
· 9h ago
Circle is now estimating a headache; 90% of profits are being sent back to HYPE buybacks—this play is too wild.
View OriginalReply0
  • Pinned