Hyperliquid finally gearing up to launch its own stablecoin: - There’s $5.5b of USDC on deposit on Hype, implying + $220m of incremental rev (~17% bump) for token holders (at 4% rates) when fully swapped to USDH - For Circle (CRCL) shareholders, not so great news. Assuming a full swap, that’s a 7% hit to USDC o/s and a $220m hit to top line. Trading flat at $118 pre market but imagine that changes once digested H/t @DegenerateNews for the image and kouei for the Dune dash
At $5b of USDC, Hyperliquid now accounts for 7.5% of total USDC o/s by Circle - Time for Jeff to use his holdings as leverage for a material rev share on interest - If he clips 4%, it’s $200m of extra protocol revenue for a phone call (~20% boost to $1b run rate)
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