Circle vs. Hyperliquid

[Our daily CEO note for PRO readers]

Circle isn’t taking chances.

Days after Hyperliquid voted to launch USDH — a native stablecoin designed to funnel yield back into the protocol — Circle dropped its counterpunch: native USDC on Hyperliquid, complete with CCTP V2 for seamless cross-chain transfers across 14+ blockchains. [RELEASE]

For those catching up: last week, Hyperliquid voted for USDH, a “yield-sharing” stablecoin that could redirect ~$200M a year (10% of Circle’s revenue) from USDC reserves back to the ecosystem. Paxos, Agora, and others battled to be issuer. Native Markets won.

Circle is about to lose 10% of its yearly revenue

Now Circle is making sure USDC stays sticky. Native issuance, fiat on/off ramps, institutional safeguards, all designed to erase USDH’s tech edge and force the fight to be about one thing only: economics.

This isn’t just Circle defending revenue. It’s the start of a bigger trend: chains demanding yield, issuers forced to share, and stablecoins becoming the battleground for who owns the payment rails.

Let’s unpack.