Hyperliquid is one of the fastest growing exchanges for cryptocurrencies and a leading decentralized perpetual futures exchange. The platform processed more than $150 billion in trading volume in July alone, and its relative trading volume with Binance rose to 11.5%, highlighting its growing share in the derivatives market. $USDC HyperLiquid’s balance has swelled to approximately $6 billion, making it an increasingly important distribution channel for stablecoins.
Under the new arrangement, Coinbase will classify: $USDC It operates “on-platform” on Hyperliquid, collecting revenue generated by reserves and paying 90% of it to Hyperliquid. JPMorgan estimated that Coinbase previously split nearly all of its revenue equally with Circle.
The bank lowered its earnings forecast for both companies, citing the HyperLiquid deal and the weak crypto market, but expects higher interest rates to provide some support. $USDCIn the long run, the associated revenue will increase.
$USDC has lost momentum in recent months. The amount of supply in circulation has fallen to about $73 billion from about $80 billion in March, part of a $10 billion contraction in the stablecoin market since May as crypto trading activity cools and new regulated rivals chip away at crypto’s dominance. $USDC and USDT on Tether.
Japanese investment bank Mizuho said in a report last week that while Circle’s final approval from the U.S. Office of the Comptroller of the Currency to establish the First National Digital Currency Bank is a positive milestone, investors may be overestimating its significance.
