JPMorgan warns that Hyperliquid's new agreement with Circle and Coinbase creates a competitive 'prisoner's dilemma' that weakens Circle's USDC stablecoin economics and pressures earnings for both firms. Hyperliquid, a fast-growing crypto trading platform holding about $6 billion in USDC, now generates revenue that Coinbase largely passes to Hyperliquid, reducing income shared with Circle. This shift, combined with weaker crypto trading volumes and falling USDC supply, led JPMorgan to lower earnings forecasts for Circle and Coinbase. The situation highlights risks in their partnership and the challenges stablecoin issuers face amid growing competition and market changes.
Bitcoin traded near $78,400 on August 31, marking a roughly 24% gain in August, its strongest monthly performance since 2017. This rally was supported by $1.92 billion inflows into U.S. spot Bitcoin ETFs and $6.55 billion in short liquidations across...
XRP Ledger activity metrics reveal a complex picture: transactions per ledger surged over 190%, yet total transactions, successful transactions, active accounts, and payment volume dropped significantly, with payment volume falling 89%. This suggests...
Metaplanet moved 2,400 BTC, valued at about $186 million, to Coinbase Prime in six transactions over three hours on August 31. This is part of a series of large transfers totaling at least 4,750 BTC since August 25, all custodial moves without plans ...
Aon plc announced it will acquire USI Insurance Services for $17 billion, enhancing its position in the large and growing U.S. middle-market insurance segment. The deal builds on Aon's 2024 acquisition of NFP and expands access to the fast-growing Ex...
Nevada King Gold Corp. has secured a fourth drill rig to accelerate its 40,000m Phase 4 drilling program at the Atlanta Gold Mine Project in southeast Nevada. The new rig, a Rotary Air Blast (RAB) drill, will access challenging targets like East Ridg...
