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Hyperliquid's USDC deal could divert $160M yearly from Circle, threatening its stablecoin revenue model.

Market News
14 Jul 2026
Crypto Briefing
View Source
Bearish
pluang ai news

Hyperliquid secured a deal to make USDC its main trading currency, allowing it to capture up to 90% of the reserve yield from USDC deposits, potentially redirecting $160 million annually away from Circle and Coinbase. This challenges Circle's traditional revenue model, which relies on earning yield from USDC reserves. JPMorgan warns that if other platforms follow Hyperliquid's lead, Circle's profit margins could shrink significantly. Investors should monitor USDC deposits on Hyperliquid and Circle's efforts to diversify revenue to gauge future impacts.

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