Receives 1,918,478.78 KNTQ in the Token Generation Event Airdrop, Plus Right to Earn Additional Yield on 28,888 HYPE Staked by the Company Partnership with Native Markets to Support Hyperliquid-Aligned USDH Stablecoin Generates Additional Yield for 300,000 HYPE Staked by the Company Announces 150,000 HYPE purchase resulting in 1,862,195 Gross HYPE Tokens Owned by the Company LAGUNA HILLS, Calif., Dec. 04, 2025 (GLOBE NEWSWIRE) -- Hyperion DeFi, Inc. (NASDAQ: HYPD) (“Hyperion DeFi” or the “Company”), today a ...

Paxos, a company known for issuing stablecoins like PayPal USD, is acquiring Fordefi, an institutional crypto wallet startup, for over $100 million. The acquisition addresses rising demand from Paxos’ customers for regulated access to decentralized finance (DeFi) products, according to the company. Fordefi operates multi-party computation (MPC)-based wallets that enable secure crypto custody and DeFi protocol interaction for about 300 clients, based on the announcement. The startup will continue operating ...

hyperliquid holds $5.5b in usdc generating $220m yearly for circle. usdh launch captures $110m of that for the protocol instead. no product changes, no new users needed, just redirecting existing reserve yield from circle's shareholders to hype holders. $110m annual revenue at 20x multiple adds $2.2b to protocol value. native stablecoins are the easiest revenue unlock in defi. ...

Ecosystem Valuation Shift - The industry is moving beyond transaction fees to value ecosystems based on their ability to generate revenue [1] - General-purpose chains are limited, with Hyperliquid and MegaETH highlighted as examples [1] Stablecoin TVL and Revenue Potential - Stablecoin TVL internalization at 4% and 8% yields significantly increases revenue for most chains compared to the status quo [2] - Even with conservative estimates, the potential revenue from internalized stablecoin TVL is substantially higher than current levels for many chains [2] Value Leakage and Revenue Streams - Current systems leak value to entities like Circle instead of benefiting users within the ecosystem [3] - Companies are focusing on converting traditional value leaks into revenue streams, starting with stablecoins and proximity markets [3][4] MegaETH and L2 Perceptions - MegaETH is identified as an L2 solution with significant committed capital [4] - There is skepticism about L2s, with some questioning their ability to justify the level of investment they attract [4]

Stablecoins & Fintech Transformation - Pantera Capital discusses the massive potential of stablecoins to transform fintech, making it more internet and blockchain native [1] - The discussion includes a "$1T stablecoin thesis", indicating a belief in significant growth and adoption of stablecoins [1] Payment Innovation - Paradigm's Tempo, a payments L1 (Layer 1), is highlighted as a potential disruptor in the payments space, possibly challenging traditional systems like Stripe [1] - Stripe's potential self-disruption is explored, suggesting the company may need to innovate to stay competitive [1] DeFi & Emerging Trends - Hyperliquid's USDH bidding war is mentioned, indicating competitive dynamics in the DeFi space [1] - Tokenized collectibles (RWAs - Real World Assets) are discussed as an area of interest [1] - Launchpads and DeFi platformization are identified as trends [1] Social Finance - SocFi platforms are compared, specifically https://t.co/ULtHsIwR9U vs FriendTech [1] Prediction Markets & Regulation - Prediction markets and the regulatory landscape surrounding them are discussed [1]

“Aligned Stablecoins” being enshrined at the protocol level on @HyperliquidX could drive the next leg of growth for @nativemarkets and USDH.Read the report 👇https://t.co/TjxzSj8H5C https://t.co/vSKEQxtxDmPatryk (@Solofunk_):Hyperliquid’s stablecoin sector has evolved into one of the most competitive, ideologically charged markets in crypto.If @nativemarkets succeeds in making $USDH a multibillion-dollar stablecoin, it will redefine how protocols structure value capture and ecosystem alignment 🧵 https://t.co ...

Core Insights - The stablecoin market is experiencing increased competition, with new entrants like USDG and USDe offering innovative yield-earning opportunities for users, challenging the dominance of established players like Tether and Circle [1][4][10] - Tether and Circle currently control over 80% of the global stablecoin market by market capitalization, but their combined market share has declined from 88% to approximately 82% as of October 2025, indicating a shift in market dynamics [4][10] - Regulatory changes, particularly in the EU and the US, are creating challenges for Tether and Circle, with new compliance requirements potentially impacting their ability to offer yield to users [11][13][15] Market Dynamics - Large centralized exchanges such as Coinbase and Binance play a crucial role in the success of stablecoins like USDC and USDT, acting as essential on- and off-ramps for global demand [2] - The rise of decentralized finance (DeFi) applications has driven stablecoin usage, with significant demand for cross-border payments and access to stable currencies in volatile economies [3] Recent Developments - Hyperliquid has launched its own compliant stablecoin, USDH, following significant trading volume growth, indicating that major players are seeking to capture market share from Tether and Circle [5][6] - USDe has gained traction on Binance, with its market capitalization increasing from $6 billion to over $14 billion in 2025, showcasing the competitive landscape [7][10] Regulatory Challenges - The EU's MiCA regulation has classified stablecoins as e-money tokens, restricting their ability to pay yields, which could diminish their attractiveness to users [11][12] - Tether has launched USA₮ to comply with US regulations while maintaining its non-compliant USDT, reflecting a strategic pivot in response to regulatory pressures [14][15] Future Outlook - The stablecoin market is evolving into a more fragmented and competitive environment, with traditional financial institutions and fintech companies planning to enter the space, potentially reshaping the competitive landscape [16][17] - The definition of a "dominant" stablecoin may shift, emphasizing adaptability and innovation over first-mover advantage as the market matures [18]

Core Insights - A new thesis from DeFi analyst Patrick Scott suggests that Hyperliquid, despite losing market share, remains the most investable decentralized exchange (DEX) for perpetual futures [1] Market Overview - The perpetual futures market has seen a significant shift, with decentralized platforms (perp DEXes) increasing their share from less than 2% of centralized exchange (CEX) trading volume in 2022 to over 20% recently [2][3] Hyperliquid's Performance - Hyperliquid's market share of perp DEX volume has dropped from 45% to 8% in recent weeks, while Binance-affiliated Aster has surged to over $270 billion in weekly trades [4] - Despite this decline, Hyperliquid continues to generate strong revenue and maintains a significant open interest, commanding about 62% of the perp DEX open interest market [5] Future Prospects - Hyperliquid is expanding with initiatives like the HyperEVM network, which hosts over 100 protocols and has $2 billion in total value locked, and the USDH stablecoin backed by reserves held with BlackRock and Superstate [6] - The HIP-3 initiative aims to allow builders to launch new perp markets by staking large amounts of HYPE, creating a "supply sink" for the token [6] Investment Thesis - Scott's thesis hinges on Hyperliquid's ability to maintain open interest and revenue levels, as well as the liquidity of USDH over the next year [7]

Core Insights - Stripe is launching Open Issuance, a platform that enables businesses to create and manage their own stablecoins through its subsidiary Bridge [1][2] - The current stablecoin market is dominated by issuers like Tether and Circle, which limits businesses' ability to customize their digital assets [2] - Open Issuance allows companies to mint and burn tokens, customize reserve structures, and earn rewards on their holdings [2][5] Business Model and Features - Open Issuance provides a shared liquidity network for one-for-one swaps between stablecoins, addressing liquidity challenges for new issuers [3] - Phantom Wallet, with over 15 million users, is the first major client to launch a native stablecoin called CASH on the platform [4] - Businesses can launch a stablecoin in days, with Bridge managing security, compliance, and liquidity [5] Strategic Developments - The announcement follows Stripe's acquisition of Bridge in February 2025, aimed at scaling digital dollar solutions for businesses [6] - Stripe has been enhancing its crypto capabilities, including acquiring wallet infrastructure startup Privy and launching a Bitcoin rewards credit card in partnership with Visa [7]

Hyperliquid launched its permissionless spot quote asset feature on mainnet, allowing any asset to be set as a quote asset and new trading pairs created via Dutch auctions. USDH is the first such asset, with HYPE/USDH trading now live. More pairs will follow. https://t.co/Ht3ysEzpJf ...