JPMorgan Cuts Circle, Coinbase Earnings Forecasts Over Hyperliquid USDC Deal

JPMorgan has reduced its earnings forecast for both Circle and Coinbase after it signed a new revenue-sharing deal with Hyperliquid that affected the distribution of income generated by USDC’s reserves. The agreement might affect the overall economics of the stablecoin business for both the companies in the long run, the bank added. Wall Street is