Hyperliquid is missing out on $115M yearly revenue $3.4B USDC deposits, yielding ZERO revenue for HL, all of it going to Circle. If Hyperliquid were to launch their own stablecoin, they could earn 4.25% on these deposits, resulting in ~$115M revenue per year, relatively risk-free. Here is @chameleon_jeff's answer to this question: TL:DR • There are so many things to do; it's not something they are currently working on. • So much low-hanging fruit, not a priority. • $100M yield is low in comparison; the protocol makes 5-10x of that annualized. My perspective: Currently, HL revenue sits at ~$900M (annualized) and is therefore almost 10x higher, but it would still represent an additional 10% in revenue, which at this scale doesn't seem insignificant, particularly as it would scale alongside their main product (perps). This appears to be more low-hanging fruit than the HyperEVM, especially when comparing possible revenue numbers (those are usually quite low for chains, except for maybe Tron). There is a reason why the highest revenue consistently goes to stablecoin issuers like Tether/Circle. But I guess this would heavily depend on the Fed policy and current T-Bill rates, so it isn't a constant. On the other hand, HyperEVM opens the door to create a wide ecosystem and might result in L1 premium, which would reflect positively on $HYPE price. There is also the issue of legal framework/regulation; creating a stablecoin of that magnitude might put an unnecessary target on their back? Ideally, developing both would be the best case because it would result in L1 premium + additional revenue, and a native stable would also be a positive for the chain, but the team is quite small, so obviously, there are limitations to what's possible. Also, I'm not exactly sure how this would work in regard to the bridge infrastructure, the implementation, and security aspects. These are just my thoughts; please note I'm absolutely not qualified enough to make a decent evaluation on this stuff, and I don't hold all the cards in that matter. Would love to hear your thoughts!