JPMorgan says Hyperliquid's rise threatens Circle's USDC economics

JPMorgan warns that Hyperliquid's deal with Circle and Coinbase creates a "prisoner's dilemma" that threatens Circle's USDC economics, putting pressure on earnings from the dollar-pegged stablecoin. This development may compromise USDC's market share and stability, potentially impacting Circle's revenue. The stablecoin market is closely watched, with implications for the broader crypto ecosystem and investor confidence.