Key Takeaways (Or Should I Say, Key Headaches?)
Hyperliquid’s USDH has Solana scratching its head like, “Wait, why are we giving Coinbase free money?” 🧐 Meanwhile, Circle’s like, “Uh-oh, is this the end of USDC’s reign?”
So, Solana [SOL] bigwigs are suddenly like, “Hey, let’s make our own stablecoin!” All because Hyperliquid [HYPE] is out here flexing with USDH, and everyone’s like, “Yeah, we want in on that action.” 🚀
For the uninitiated, Hyperliquid’s ditching USDC for USDH, and they’re throwing 90% of the yield into HYPE buybacks and other fancy stuff. 🤑
And now, Mert Mumtaz from Helius Labs is like, “Solana, why are we funding Coinbase’s Base? Let’s burn some SOL and make our own stablecoin!” 🔥
“Warming up to the idea that Solana should enshrine a stablecoin. 50% burn of the yield goes back to burning SOL. Solana is currently funding its biggest competitor on a commodity!!! 🤦♂️”
USDC: The Stablecoin on the Edge? 🪑
Mumtaz is like, “Hey, SOL-aligned treasuries could outshine USDC issuers and keep the yield in the family.” Meanwhile, Coinbase’s raking in 50% of Circle’s USDC revenue. 😤
Right now, USDC’s the king of Solana’s stablecoin market with 70% supply and $8.5 billion floating around. Crown’s heavy, huh? 👑
At 4% interest, that’s $340 million in yield annually. But guess who’s not seeing a dime? Solana. Ouch. 💔
Even Anatoly Yakovenko and Multicoin Capital are like, “Yeah, let’s do this!” Tushar Jain’s like, “Ethereum, you should jump on this train too!” 🚂
“Why should Circle keep all of the interest revenue from USDC on Solana? Fwiw, Ethereum should do this too. It will massively drive up Ethereum’s REV and drive buying pressure on ETH.” 💡
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Hyperliquid’s already the third-largest USDC market after Solana and Ethereum. If USDC loses ground, CRCL stock might take a hit. 📉
Speaking of which, CRCL’s down 16% since Hyperliquid’s USDH announcement. Will Solana’s move bury it further? Stay tuned for the drama! 🍿
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2025-09-11 14:30