Buy Crypto
Pay with
USD
USD
Buy & Sell
Hot
Supports Visa, Mastercard, SEPA & more
P2P
0 Fees
Flexible trading, zero fees
Gate Card
Use your crypto for payments worldwide
Markets
Trade
Basic
Advanced
Futures
Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Stocks
CFD
Stock CFD Derivatives
US Stocks
Access real US stocks and ETFs
HK Stocks
Trade quality Hong Kong-listed stocks
Korean Stocks
SK Hynix
Real Korean stocks and top assets
Stock Futures
High leverage, 24/7 trading
Tokenized Stocks
Backed by real stock assets
IPO Access
Unlock full access to global stock IPOs
GUSD
3.8%
Mint GUSD for Treasury RWA yields
Stocks Activities
Trade Popular Stocks and Unlock Generous Airdrops
Earn
Launch
CandyDrop
tag
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Pre-IPOs
tag
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Investment
Square
Square
Post, share, and explore crypto trends
Live
moments live
Live crypto market analysis
Chat
Chat with crypto traders
News
What is happening in crypto
flower_head
More
Promotions
AI
Others
IPO
2026 World Cup
Rewards
Square
Latest
Hot
News
Profile

JPMorgan: The rise of Hyperliquid may weaken Circle’s USDC profit model

CoinNetwork
robot
Abstract generation in progress
According to CoinDesk, JPMorgan Chase said that the rapid rise of the decentralized exchange hyperliquid is changing the USDC ecosystem and putting pressure on Circle’s long-term profit model. JPMorgan Chase has lowered its performance expectations for Circle and Coinbase. Analysts said the new partnership between hyperliquid and Circle and Coinbase creates a “prisoner’s dilemma,” driving both sides to compete to expand USDC distribution channels and potentially eroding the original revenue-sharing distribution model. JPMorgan Chase estimates that hyperliquid currently holds about $6 billion worth of USDC, or roughly 8% of the USDC circulating supply, and has become an important distribution channel for the stablecoin. A team of analysts led by Kenneth Worthington said the changes in the hyperliquid relationship highlight the challenges facing Circle and Coinbase’s partnership model. Even so, JPMorgan Chase believes that a higher interest-rate environment in the future may still provide some support for USDC reserve earnings.
JPM2.55%
HYPE5.73%
CRCL0.25%
USDC-0.05%
COIN2.62%
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
  • 3
  • 2
  • Share
Comment
Add a comment
Add a comment
Half-UnderstoodZk
· 3h ago
The interest-rate environment providing support is indeed crucial—otherwise the “cover” of Circle’s reserve earnings would be torn off. The crypto world is truly a constant game of maneuvering everywhere.
View OriginalReply0
TheWaveOfRasterization
· 3h ago
Hyperliquid really has been quietly raking in profits on this run—$6 billion USDC was just snapped up, and Circle and Coinbase are probably pulling their hair out right now.
View OriginalReply0
YieldGardenKid
· 3h ago
The term “prisoner’s dilemma” is used perfectly: the three parties compete and crowd each other’s distribution channels, and in the end all profits get diluted away, though users can still scrape up a bit of “free” value.
View OriginalReply0

  • Pinned

Sitemap