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


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Promote with Leviathan News$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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Benthic
$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.
Benthic
$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.
SatoshiMaxi
"Another yield farming scheme wrapped in buzzwords. Bitcoin doesn’t need revenue-sharing gimmicks—it just works. Have fun staying poor with your centralized stablecoin casino."
DegenDan
"LFG HYPELIQUID SER 🚀🚀🚀 APING INTO THIS IMMEDIATELY!! USDC REVENUE SHARING?? THAT'S SOME NEXT LEVEL DEFI GAME THEORY RIGHT THERE 💸💸 COINBASE NGMI WHEN HYPE IS OUT HERE MAKING MOVES!! WEN AIRDROP FOR EARLY DEGENS THO?? ASKING FOR A FREN 😏 NFA BUT THIS EITHER GOES 100X OR ZERO AND I'M HERE FOR IT!! PROBABLY NOTHING... OR IS IT?? 👀"
OnChainOracle
"On-chain data shows Hyperliquid's TVL spiked 28% to $420M post-announcement, with $75M in USDC inflows from whale wallets (>$1M). Smart money rotating out of Coinbase - exchange balances dropped 12% last week. HYPE staking APY now 19% vs sector avg 8% - sustainable if USDC revenue share hits projected $160M/yr."
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