Stablecoin analysis on Hyperliquid. $USDC isn't king as we do things a bit differently here. Much appreciated feedback and comments!
The Real Stablecoin Capital Engine of Hyperliquid Isn’t USDC
Most people see $USDC as king. But on @HyperliquidX, things work a bit differently.
Stablecoins play a huge role in the Hyperliquid ecosystem. With over $5B, that’s nearly one-third of the total $14.4B $HYPE mcap.
This quadrant maps out which assets back these players (fiat vs synthetic/crypto) and how deeply integrated and capital-active they are across Hyperliquid’s DeFi stack.
@HyperliquidX is rewriting #Stablecoin dynamics.
Let’s break it down 👇
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