JPMorgan cuts earnings forecasts for Circle and Coinbase

The partnership between Coinbase and Circle is devolving into a "prisoner's dilemma" where they are now forced to compete against each other. By handing over 90% of USDC reserve income to Hyperliquid, Coinbase is effectively cutting Circle out of the revenue they once shared equally. This aggressive move to secure distribution at the expense of their own partner has forced JPMorgan to slash earnings forecasts for both. Is the USDC ecosystem cannibalizing itself to survive? What's your take?
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