The Real Stablecoin Capital Engine of Hyperliquid Isn’t USDC
Most people see $USDC as king. But on @HyperliquidX, things work bit differently.
Stablecoins play a huge role in the Hyperliquid ecosystem. With over $5B, that’s nearly one-third of the total $14.4B $HYPE mcap.
This quadrant maps out the which assets backing these players (fiat vs synthetic/crypto) and how deeply integrated and capital-active they are across Hyperliquid’s DeFi stack.
@HyperliquidX is rewriting #Stablecoin dynamics.
Let’s break it down 👇
1/ First thing first, we need to decode the axes:
Horizontal:
Left = Fiat-backed (low risk, reg-friendly like US treasuries).
Right = Crypto/Synthetic-backed (high risk/reward, permissionless).
Vertical:
Bottom = Low DeFi footprint (basic holding/trading). Top = High activation (lending, yields, ecosystem loops).
2/ Top-right quadrant = Alpha zone 🔥
These 3 are the true capital engines of HyperEVM.
$feUSD from @felixprotocol uses an over-collateralized CDP model, minted from $HYPE, $1.6B+ 24hr volume!
$USDe by @ethena_labs Bridged, borrowed and yield-farmed. The supply on Hyperliquid is a fraction of total $6B+
$USDXL: Overcollateralized synthetic from @HypurrFi. Earns interest while being collateral.
3/ Top-left = Building blocks 📦
Hyper USD $USDHL is custom-built for Hyperliquid by @m0foundation @felixprotocol. It is fiat-backed by short-term US treasuries + revenue buys back $HYPE. Deep liquidity, low risk and pretty high activation.
Read $USDHL:
Closer to the center is $USDT0 which is variant of $USDT by @Tether_to bridged 1:1 from Ethereum via @LayerZero_Core. Liquid, but not revolutionary. Volume king, capped by regs.
4/ Bottom-left = The "Safe but Sleepy" zone
Low risk, but minimal DeFi energy. These are your classic fiat-backed stables.
$USDC by @circle hit $4.9B supply on Hyperliquid in under a year using as margin.
$FDUSD from @FirstDigitalHQ were regulated, then bridged but rarely used in #DeFi.
Fiat-backed ≠ productive.
Whitepaper from $FDUSD
5/ TL;DR💥
Unlock Hyperliquid's stablecoin quadrant to 2x your yields in 2025. Imo Stablecoin UX is basic; alpha lives in capital activation.
Stablecoin UX ≠ Stablecoin Alpha.
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