Hyperliquid's USDC Deal: $160M Revenue Shift Threatens Circle, Coinbase P2P Margins

Hyperliquid just landed a seismic revenue share deal that could reroute an estimated $160 million annually, directly targeting Circle and Coinbase's bottom lines.

This move signals a brutal new front in the stablecoin wars, where ecosystem players are now directly challenging the established gatekeepers for a piece of the pie.

Analysts project this deal could shift $160 million in revenue away from incumbents, impacting their profitability and potentially their willingness to maintain current P2P spread levels.

For Binance P2P and Bybit P2P merchants, this means a potential shake-up in stablecoin liquidity and pricing. Expect volatility as market makers adjust and new opportunities emerge from the chaos.

Get ready for tighter spreads on USDC as Hyperliquid aggressively captures market share.