Hyperliquid's USDC deal could supercharge HYPE, pressure Circle, Coinbase margins, analysts say
CoinDesk
Hyperliquid's new USDC revenue-sharing deal with Coinbase and Circle shifts stablecoin profits to the exchange, potentially boosting HYPE while impacting issuer margins.Summary
Hyperliquid has entered a strategic partnership with Circle and Coinbase, designating USDC as its "Aligned Quote Asset." This deal allows Hyperliquid to capture up to 90% of the reserve income generated by USDC deposits, a revenue stream previously held by stablecoin issuers. Analysts suggest this structure creates a more resilient revenue model for Hyperliquid that is less dependent on trading volume, potentially fueling HYPE token buybacks. However, the agreement is expected to pressure the EBITDA of Circle and Coinbase and could set a precedent for other decentralized finance protocols to demand similar yield-sharing arrangements.
(Source：CoinDesk)