hyperliquid negotiated 90% of circle's USDC reserve yield back to the protocol.

$5b in USDC generating ~$180m/year that now flows to HYPE buybacks instead of sitting on circle's balance sheet.

ARR jumped 21% overnight from $760m to $922m. that's $500k/day in additional buy pressure on top of trading fees.

they killed their own stablecoin USDH to make this work because 90% of circle's yield beats 100% of a smaller native stablecoin.

circle and coinbase each staked 500k HYPE to participate.

coinbase derivatives launching HYPE futures june 8. you can't negotiate 90% yield share from a position of weakness.

35% perp market share bought that leverage

$HYPE