Hyperliquid leveraged its $5.1B $USDC supply to capture 90% of reserve income from Circle & Coinbase — unlocking $135M–$160M in annual revenue for $HYPE buybacks, while slashing issuers' profits by $80M. Every major DeFi protocol now has a blueprint to demand the same. The stablecoin free ride is over. DYOR.

#Hyperliquid #HYPE #USDC #DeFi #WriteToEarn