Circle is about to lose 10% of its yearly revenue

Hey, it’s Marc.

We're witnessing one of the biggest showdowns in crypto right now.

Hyperliquid’s move to launch its own stablecoin isn’t just about cutting Circle out of $200M in annual yield is the opening salvo in a much bigger war: keeping crypto out of the hands of corporate chains and their profit machines.

Step 1: The setup

Hyperliquid, a DEX with $700M TVL and more daily protocol revenue than Ethereum and Solana, has $5.5B in stablecoins sitting on it today.

Most of that is Circle’s USDC.

Which means Circle quietly collects the interest, at current rates that’s ~$200M a year (almost 10% of their revenue)

Zero flows back to Hyperliquid.

Step 2: The twist

This is why Hyperliquid just proposed its own native stablecoin: USDH.

But this isn’t “just another stablecoin.”

Whoever issues USDH must share the yield back to the ecosystem: