J P M O R G A N North America Equity Research 14 July 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Circle Internet and Coinbase Impact of Hyperliquid USDC Relationship to Weigh on Both CRCL and COIN — The Prisoner's Dilemma; Also Marking Models Ahead ...