PANews reported on May 19th that, according to CoinDesk, Hyperliquid's new USDC agreement with Coinbase and Circle allows the protocol to capture the majority of reserve revenue generated from stablecoin deposits on the platform. Analysts say that as revenue shifts from trading activity to stablecoin balances, the agreement could create significant long-term buying pressure on the HYPE token. Compass Point estimates that the agreement could reduce Circle and Coinbase's combined annual EBITDA by up to $80 million and warns that other DeFi protocols may also demand similar terms. Ryan Watkins, co-founder of Syncracy Capital, believes the agreement fundamentally changes Hyperliquid's business model, allowing it to capture both transaction fees and stablecoin yields. He estimates the agreement could generate approximately $135 million to $160 million in revenue for Hyperliquid annually, and if USDC balances expand, revenue sharing alone could reach $300 million to $500 million annually. According to Wincent Senior Director Paul Howard, this could signal that the stablecoin market will begin to consolidate around large stablecoins with established distribution channels, while fewer stablecoins and conversion layers will simplify capital flows and improve liquidity efficiency.