Hey, it’s Marc.

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.

Step 1: The setup

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.

Which means Circle quietly collects the interest, at current rates that’s ~$200M a year (almost 10% of their revenue)