Circle is about to lose 10% of its yearly revenue

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.

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.