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JPMorgan Cuts Circle, Coinbase Earnings Forecasts Over Hyperliquid USDC Deal

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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.