Stablecoin issuance is a profitable business, and in 2025 Super Liquidity is a leading diversified derivatives trading platform that generates at least $400 billion in transaction volume and will launch its platform-specific Stablecoin. While Circle's USDC has a larger market share, powering popular trading pairs such as USDC, Hyplliquid believes that local Stablecoin can dump profits into hype cryptocurrency holders.
According to Coingecko, Stablecoin has a market capitalization of more than $290 billion. USDT leader, mainly on Tron and Ethereum, accounts for nearly 50% of the market, accounting for more than $169 billion in circulation. The second largest company has issued more than $72 billion, with significant businesses in Solana and Hyproliqu.
(source: Small shop)
Because it is easy to redeem, USDC is the preferred StableCoin, providing power to Hyplliquid’s community-driven liquidity, enabling the platform to handle billions of dollars in monthly transaction volumes. The USDC issued by Circle complies with U.S. regulations and is further clarified by the Genius Act, which outlines the requirements for stable issuers of USDs for major public chains.
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As Circle, Tether and other top stable issuers generate billions of dollars in profits, some of which provide a boost to the hyperliquid ecosystem, the permanent exchange is designed to redirect profits to hype holders. To achieve this, the hyperliquid plan has encountered third-party problems for USDH. As of September 10, several bidders are competing, and the super fluent validators will select the winner by September 14.
Parties of interest include Paxos, the team behind BUSD; Ethena recently partnered with Binance to work for its USDE Stablecoin; Sky, the main player in the decentralized currency market; agora; local markets; and others. On Polymarket, bettors believe that the local market will issue USDH.
(source: polymer)
Circle's USDC transactions dominated by super liquidity are not interested in issuing USDH, but plans to continue using USDC. USDC imparts power to 95% of the super liquid pair, allowing assets such as pumps and hype to trade smoothly. Circle CEO Jeremy Allaire said in a post on X that they will be linked to “hype the ecosystem” and “intention to be a major player and contributor to the ecosystem.”
Agora, Paxos, Ethena, Sky and Frax are all competing for USDH and are proposing to share reserve yields with the community to accelerate hype buybacks or fund community development.
However, Circle aims to locally integrate USDC into layer 1 of hyperliquidity, thereby eliminating the bridging costs in arbitration while rejecting shared profits. Any attempt to transfer revenue to hyper-current is the result and directly harms Circl shareholders.
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Therefore, how Circle will navigate the Stablecoin site in hyperliquidity is unclear, especially when validators are ready to vote for USDH issuers willing to transfer large amounts of revenue back to hype holders.
Circle's profitability may shrink rapidly if the trader immediately moves to USDH and expects returns. This situation may worsen because the Fed is likely to lower interest rates in September, thus reducing yields on treasury and bonds.
Despite Circle's liquidity, regulatory compliance and market capitalization advantages, USDC's dominance over hyperliquidity may decrease, affecting CIRCL stocks.
(Source: Cirl, TradingView)
As of September 10, CIRCL stock was down 60% from its July high and the likelihood of Cirl stock fell below $100 due to hyperliquidity turbulence.
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Will reading the original story be super traffic to USDH End Circle and USDC? Circl Stock Plummets by Dalmas Ngetich on 99bitcoins.com