Hyperliquid's recent agreement with Coinbase and Circle is set to redirect stablecoin profits from issuers to cryptocurrency exchanges, potentially boosting the HYPE token. The deal, announced last Thursday, designates Circle's USDC as an official quote asset on Hyperliquid, with Coinbase as the primary custodian. Hyperliquid will receive up to 90% of reserve yields from USDC deposits, previously benefiting Circle and Coinbase. This strategic shift could generate $135 million to $160 million in revenue-sharing income for Hyperliquid, with potential annualized revenue reaching $300 million to $500 million if USDC balances grow. The HYPE token has surged nearly 10% in the past week, outperforming the broader crypto market. Analysts estimate the deal could reduce Circle and Coinbase's combined annual EBITDA by $60 million to $80 million, as Hyperliquid captures a larger share of reserve yields.