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JPMorgan: Circle and Coinbase's Stablecoin Business Profitability Under Pressure, Earnings Forecast Downgraded

AirdropBlackHole
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On July 15, Bloomberg reported that JPMorgan Chase & Co. stated that the stablecoin businesses of Circle Internet Group and Coinbase Global are facing increasing profitability pressures. The bank believes that a new partnership with the crypto trading platform Hyperliquid highlights the 'prisoner's dilemma' faced by the two companies. On Tuesday, the bank downgraded its earnings forecast for both leading crypto firms, indicating that the new partnership arrangement alters the revenue distribution model regarding how the earnings generated from USDC, the world's second-largest stablecoin issued by Circle, will be allocated among various distribution partners.
JPM2.55%
CRCL0.25%
COIN2.62%
HYPE6.47%
USDC-0.03%
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