$USDC USDC ~$1.00** (pegged). Circulating supply **~$73B, down from $80B in March.
⚠️ Headwinds:
· Hyperliquid holds ~$6B USDC (~8% of supply). New deal forces Circle & Coinbase into a "prisoner's dilemma" – Coinbase now keeps reserve yield, paying 90% to Hyperliquid (vs. 50/50 split before). JPMorgan cut earnings estimates on both.
· Open USD launched June 30 with 140+ partners (Coinbase, BlackRock, Mastercard). Pass-through yield model directly pressures Circle's reserve-income margins. Mizuho downgraded Circle to Underperform, price target $50.
· Global Dollar (USDG) supply up 108% in 6 months, while USDC market cap slipped 3.3%.
✅ Bright spots:
· OCC national trust bank charter – direct reserve custody with federal oversight.
· JCB partnership (140M users, 40M merchants) exploring USDC cross-border payments.
· Grupo BIND deal expanding USDC access in Argentina.
· 2.5B USDC minted on Solana today – liquidity expansion.
#USDC #Binance