USDH END Circle and USDC hyperliquid? The stock of circles falls

Stablecoin’s emission is a lucrative company and, in 2025, Hyperliquid, a leading decentralized trading platform generating at least $ 400 billion in negotiation volume, is expected to launch its specific stablecoin. While the USDC of Circle has a larger market share, fueling popular trading pairs like Hype USDC, Hyperliquid thinks that a native stable can be channeled towards holders of crypto media.

According to Coingecko, the total market capitalization of stable exceeds $ 290 billion. USDT leads, commanding almost 50% of the market with more than $ 169 billion in traffic, mainly on Tron and Ethereum. The USDC, the second largest, issued more than $ 72 billion, with a major presence on Solana and Hyperliquid.

(Source: Co Ringecko))

Due to its ease of redemption from the USD, the USDC is the essential stable, fueling the community liquidity provision of hyperliquid, allowing the platform to treat billions of monthly trading volumes. Circle publishes USDC in accordance with American regulations, clarified by the Act on Engineering, which describes the requirements for stablecoin issuers that follow the USD on large public channels.

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Since the circle, the attachment and the other high -level stable transmitters generate billions of profits, and some of these tokens feed the hyperliquid ecosystem, the perpetual exchange aims to redirect the profits to media threshing holders. To achieve this, hyperliquid plans to have a third -party problem for the USDH. As of September 10, several bidders are in competition, with hyperliquid validators who should choose the winner by September 14.

The interested parties include Paxos, the team behind Busd; Ethena, who recently teamed up with Binance for her USDE stable; Sky, a major player in the decentralized money markets; Agora; Native markets; and others. On Polymarket, bettors think that the indigenous markets will publish the USDH.

(Source: Polymarket))

Circle, which dominates the USDC trade on the hyperliquid, is not interested in issuing the USDH but rather plans to continue with the USDC. The USDC feeds 95% of hyperliquid trading pairs, allowing a smooth exchange of active ingredients such as pump and overhaul. In an article on X, the CEO of Circle, Jeremy Allaire, said that they were engaging in “the threshing media ecosystem” and “intends to be a major player and a contributor to the ecosystem”.

Agora, Paxos, Ethena, Sky and Frax are all in the running to issue the USDH, proposing to share reserve yields with the community to accelerate media threshing buyouts or finance community development.

Circle, however, aims to integrate the USDC natively into the layer 1 of hyperliquid, eliminating the steering costs of arbitrum, while refusing to share the benefits. Any attempt to hijack income towards the hyperliquid will be substantial, directly harming the shareholders of CIRCL.

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As such, the way Circle will sail on the Stablescoin scene in the hyperliquidal remains vague, especially since the validators are preparing to vote for a USDH transmitter ready to channel a large piece of income for media threshing holders.

If merchants immediately go to the USDH and buy in forecast gains, Circle’s profitability could decrease quickly. This situation could worsen, because the American federal reserve is likely to reduce rates in September, which reduces yields on treasury bills and obligations.

Despite Circle’s liquidity, regulatory compliance and market capitalization benefits, the domination of the USDC over hyperliquid could decrease, which has an impact on the stock of circlats.

(Source: CERL, Tradingview))

As of September 10, the CRCL stock is down 60% compared to the summits of July, and with the hyperliquidal turbulence, the probability that the stock of circlats is less than $ 100 increased.

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Read the original Hyperliquid USDH End Circle and USDC? CIRCL Stock falls by Dalmas Ngetich on 99Bitcoins.com