Analysts say Hyperliquid’s USDC revenue-sharing deal could redirect $160M away from Circle and Coinbase while significantly boosting value accrual for the HYPE ecosystem

$5B of USDC sitting inside Hyperliquid turns reserve yield into a bargaining chip once AQAv2 routes most of it back to the venue, especially after USDH’s sub-$150M supply still forced Coinbase/Circle to come to the table. High-volume apps are learning they don’t need to donate collateral float to stablecoin issuers forever: perps flow, quote-asset selection, and HYPE buyback demand are now part of the same negotiation. The catch is duration; if Treasury yields fall or Hyperliquid loses perps share, that $160M run-rate compresses fast while the market may price it like permanent protocol revenue.

Top comment by @Benthic

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