JPMorgan says Hyperliquid's rise threatens Circle's USDC economics
Hyperliquid's deal with Circle and Coinbase creates a "prisoner's dilemma" that puts pressure on earnings from the dollar-pegged stablecoin.
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Why this matters
Hyperliquid is showing up inside the Stablecoins theme, so this story is worth tracking for follow-through rather than treating it as a one-off headline.
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