{"id":46772,"date":"2025-09-10T12:16:57","date_gmt":"2025-09-10T12:16:57","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=46772"},"modified":"2025-09-10T12:16:57","modified_gmt":"2025-09-10T12:16:57","slug":"will-hyperliquid-usdh-end-circle-and-usdc-circl-stock-plummets","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=46772","title":{"rendered":"Will Hyperliquid USDH End Circle and USDC? CIRCL Stock Plummets"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">Stablecoin issuance is a lucrative business, and in 2025, Hyperliquid, a leading decentralized derivatives trading platform generating at least $400 billion in trading volume, is set to launch its platform-specific stablecoin. While Circle\u2019s USDC holds a larger market share, powering popular trading pairs like HYPE USDC, Hyperliquid believes a native stablecoin could funnel profits to HYPE crypto holders.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to Coingecko, the total stablecoin market cap exceeds $290 billion. USDT leads, commanding nearly 50% of the market with over $169 billion in circulation, primarily on Tron and Ethereum. USDC, the second largest, has issued over $72 billion, with a major presence on Solana and Hyperliquid.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-281680 size-full\" src=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-10T123845.747.png\" alt=\"Hyperliquid plans for a native stablecoin, USDH, that funnels yields to HYPE holders. Circle and USDC may post losses should it gain traction\" width=\"1458\" height=\"808\" srcset=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-10T123845.747.png 1458w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-10T123845.747-300x166.png 300w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-10T123845.747-1024x567.png 1024w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-10T123845.747-768x426.png 768w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-10T123845.747-50x28.png 50w\" sizes=\"(max-width: 1458px) 100vw, 1458px\"><\/p>\n<p>\u00a0<\/p>\n<p><span data-preserver-spaces=\"true\">(Source: <\/span><strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.coingecko.com\/en\/categories\/stablecoins\" target=\"_blank\" rel=\"noopener nofollow\">Coingecko<\/a><\/strong><span data-preserver-spaces=\"true\">)<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Due to its ease of redemption back to USD, USDC is the go-to stablecoin, powering Hyperliquid\u2019s community-driven liquidity provision, enabling the platform to process billions in monthly trading volume. Circle issues USDC in compliance with U.S. regulations, clarified further by the GENIUS Act, which outlines requirements for stablecoin issuers tracking the USD on major public chains.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER: <\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/high-risk-high-reward-crypto\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><span data-preserver-spaces=\"true\">9+ Best High-Risk, High-Reward Crypto to Buy in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Hyperliquid Wants Its Stablecoin, Circle Has Other Plans<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Since Circle, Tether, and other top stablecoin issuers generate billions in profits, and some of these tokens fuel the Hyperliquid ecosystem, the perpetual exchange aims to <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-crypto-to-buy\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">redirect profits<\/a> to HYPE holders. To achieve this, Hyperliquid plans to have a third-party issue for USDH. As of September 10, several bidders are competing, with Hyperliquid validators set to choose the winner by September 14.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"The Rollup TV: Hyperliquid USDH Stablecoin Special\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/2xoOsnGaMqc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span data-preserver-spaces=\"true\">Interested parties include Paxos, the team behind BUSD; Ethena, which recently partnered with Binance for its USDe stablecoin; Sky, a major player in decentralized money markets; Agora; Native Markets; and others. On Polymarket, punters think Native Markets will issue USDH.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-281682 size-full\" src=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-10T122401.547.png\" alt=\"Hyperliquid plans for a native stablecoin, USDH, that funnels yields to HYPE holders. Circle and USDC may post losses should it gain traction\" width=\"1322\" height=\"787\" srcset=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-10T122401.547.png 1322w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-10T122401.547-300x179.png 300w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-10T122401.547-1024x610.png 1024w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-10T122401.547-768x457.png 768w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-10T122401.547-50x30.png 50w\" sizes=\"auto, (max-width: 1322px) 100vw, 1322px\"><\/p>\n<p><span data-preserver-spaces=\"true\">(Source: <\/span><strong><a class=\"general-link\" href=\"https:\/\/polymarket.com\/event\/who-will-win-the-usdh-ticker-159?tid=1757496198069\" target=\"_blank\" rel=\"noopener nofollow\">Polymarket<\/a><\/strong><span data-preserver-spaces=\"true\">)<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Circle, which dominates USDC trading on Hyperliquid, is not interested in issuing USDH but instead plans to continue with USDC. USDC powers 95% of Hyperliquid\u2019s trading pairs, enabling smooth trading of assets like PUMP and HYPE. In a post on X, Circle\u2019s CEO, Jeremy Allaire, stated they will engage the \u201cHYPE ecosystem in a big way\u201d and \u201cintend to be a major player and contributor to the ecosystem.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Don\u2019t Believe the Hype <\/p>\n<p>We are coming to the HYPE ecosystem in a big way. We intend to be a major player and contributor to the ecosystem. <\/p>\n<p>Happy to see others purchase new USD tickers and compete  <\/p>\n<p>Hyper fast native USDC with deep and nearly instant cross chain\u2026<\/p>\n<p>\u2014 Jeremy Allaire \u2013 jda.eth \/ jdallaire.sol (@jerallaire) <a href=\"https:\/\/twitter.com\/jerallaire\/status\/1964837574167658870?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">September 7, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Agora, Paxos, Ethena, Sky, and Frax are all vying to issue USDH, <a class=\"general-link\" href=\"https:\/\/twitter.com\/DefiIgnas\/status\/1965370023377248437\" target=\"_blank\" rel=\"noopener nofollow\">offering<\/a> to share reserve yields with the community to accelerate HYPE buybacks or fund community development. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Circle, however, aims to integrate USDC natively into Hyperliquid\u2019s layer-1, eliminating bridging costs from Arbitrum, while refusing to share profits. Any attempt to divert revenue to Hyperliquid will be consequential, directly harming CIRCL shareholders.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER: <\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-1000x-crypto\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><span data-preserver-spaces=\"true\">Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Will Circle Fall? CIRCL Stock Already Selling Off<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">As such, how Circle will navigate the stablecoin scene in Hyperliquid remains unclear, especially as validators prepare to vote for a USDH issuer willing to channel a big chunk of revenue <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">back to HYPE holders<\/a>. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><\/p>\n<div class=\"cpp-crypto-chart cpp-crypto-chart-99btc cpp-crypto-chart-hype8\" data-coin-symbol=\"hype8\" data-price-usd=\"HYPE8 Price (USD)\" data-main-color=\"#4caf05\" data-watermark-image=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/06\/99bitcoins-logo.png\" data-chart-style=\"99btc\">\n<div class=\"cpp-chart-top-section\">\n<div class=\"cpp-chart-info-section\">\n<div class=\"cpp-chart-coin-details\">\n<div class=\"cpp-chart-labels-row\">\n<div class=\"cpp-chart-coin-name\"><\/div>\n<div class=\"cpp-chart-price-info\">Price<\/div>\n<\/div>\n<div class=\"cpp-chart-values-row\">\n<div class=\"cpp-chart-coin-symbol\">HYPE8<\/div>\n<div class=\"cpp-chart-price\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"cpp-chart-selectors cpp-chart-selectors-99btc\"><span class=\"cpp-chart-selector\" data-period=\"24h\">24h<\/span><span class=\"cpp-chart-selector\" data-period=\"7d\">7d<\/span><span class=\"cpp-chart-selector\" data-period=\"30d\">30d<\/span><span class=\"cpp-chart-selector\" data-period=\"1y\">1y<\/span><span class=\"cpp-chart-selector\" data-period=\"all_time\">All time<\/span><\/div>\n<\/div>\n<p><canvas id=\"cpp-chart-68c16a3b1d6ba\" class=\"cpp-chart-container cpp-chart-container-99btc\"><\/canvas><\/div>\n<p><\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If traders immediately shift to USDH and buy <span class=\"cpp-widget-coin cpp-widget-99btc\" data-symbol=\"hype8\" data-name=\"\" data-price=\"0.00000000\" data-change=\"\" data-chart-style=\"99btc\" data-cta_text=\"Buy with Best Wallet\">HYPE8 <span style=\"color: #37a72b;\">\u25b2%<\/span><\/span> in anticipation of gains, Circle\u2019s profitability could shrink rapidly. This situation could worsen, as the U.S. Federal Reserve is likely to cut rates in September, reducing yields on Treasuries and bonds.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"Will the Fed cut interest rates by half a point after historic revisions to job statistics?\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/Q1RFoJL5tn4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span data-preserver-spaces=\"true\">Despite Circle\u2019s liquidity, regulatory compliance, and market cap advantages, USDC\u2019s dominance on Hyperliquid could diminish, impacting CIRCL stock.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/www.tradingview.com\/x\/Ahm5YyZQ\/\" alt=\"Hyperliquid plans for a native stablecoin, USDH, that funnels yields to HYPE holders. Circle and USDC may post losses should it gain traction\" width=\"1499\" height=\"915\"><\/p>\n<p><span data-preserver-spaces=\"true\">(Source: CIRCL, <\/span><strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.tradingview.com\/x\/Ahm5YyZQ\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/strong><span data-preserver-spaces=\"true\">)<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As of September 10, CIRCL stock is down 60% from July highs, and with turbulence in Hyperliquid, the likelihood of CIRCL stock falling below $100 has increased.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER: <\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-crypto-to-explode\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><span data-preserver-spaces=\"true\">20+ Next Crypto to Explode in 2025<\/span><\/a><\/strong><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h2 class=\"nnbtc-key-takeaways__title\">Hyperliquid USDH vs. Circle USDC: Will CIRCL Stock Crash?<\/h2>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n         <span data-preserver-spaces=\"true\">Hyperliquid is setting up for a native stablecoin, USDH<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n         <span data-preserver-spaces=\"true\">Native Markets likely to be the next issuer<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n         <span data-preserver-spaces=\"true\">Circle sticking to USDC<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n         <span data-preserver-spaces=\"true\">Will CIRCL stock crash below $100?<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span>    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/altcoins\/will-hyperliquid-usdh-end-circle-and-usdc-circl-stock-plummets\/\">Will Hyperliquid USDH End Circle and USDC? CIRCL Stock Plummets<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Stablecoin issuance is a lucrative business, and in 2025, Hyperliquid, a leading decentralized derivatives trading platform generating at least $400 billion in trading volume, is set to launch its platform-specific stablecoin. While Circle\u2019s USDC holds a larger market share, powering popular trading pairs like HYPE USDC, Hyperliquid believes a native stablecoin could funnel profits to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-46772","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/46772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46772"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/46772\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}