💸The Hyperliquid / Circle Standoff💸
@HyperliquidX, with ~$5.5B in stablecoins,
95% $USDC fuels Circle’s revenue ~$200M/yr
in yield. But now, HL is launching a native stablecoin designed to flip that script
redirecting reserve yield to $HYPE tokenholders via buybacks, rewards, and insurance funds.
@circle’s response?
Native USDC + CCTP V2 on HyperEVM.
Trust-minimized, fast, capital-efficient. No more bridges. They’re betting on regulatory trust over yield.
But here’s the twist: HL’s governance is crowdsourcing its native stablecoin issuers Paxos, Frax, Agora, etc., each offering 🙌up to 100% revenue share to the protocol.
Circle’s $CIRCL dropped 60% amid this + rate cut fears. HL’s $HYPE just got FalconX staking support.
Bottom line: This isn’t only about stablecoins. It’s about who captures value, centralized issuers or decentralized protocols?
DeFi just grew up
#DeFi #Stablecoins #Hyperliquid #Circle
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