Hyperliquid: USDH fades to $20mln – Here’s what’s replacing it

ambcryptoPublicado a 2026-06-29Actualizado a 2026-06-29

Resumen

Hyperliquid's stablecoin market is showing a significant shift, with liquidity moving away from its native USDH and concentrating heavily around USD Coin (USDC). USDH holdings have sharply declined to only $20 million, while USDC now dominates the pool with $5.74 billion of the total $5.96 billion. This reflects a trader preference for deeper liquidity and established assets. To facilitate the transition, Hyperliquid Foundation has issued roughly $10 million in grants, and users can swap USDH for USDC via migration paths. Despite the stablecoin migration, protocol activity remains strong. Daily Active Addresses and Daily Transactions are sustained at high levels, and Perpetual Trading Volume stays near $2.8 billion, reinforcing Hyperliquid's position in on-chain derivatives. This activity generates substantial Annualized Fee Revenue, which increasingly flows into the HYPE token through staking, fees, and buybacks, shifting its value capture from speculation to recurring ecosystem fees. The continued growth of USDC liquidity and trading activity is seen as crucial for strengthening HYPE's long-term utility, while USDH would require significant utility improvements to regain market share.

Hyperliquid’s [HYPE] stablecoin market is becoming increasingly concentrated as liquidity continues shifting toward USD Coin [USDC] instead of the native USDH.

The trend reflects traders’ preference for deeper liquidity and established settlement assets over newer DeFi-native stablecoins.

Hyperliquid Foundation has put out roughly $10 million in grants to assist in migration costs and ensure that each of its protocols continues to run smoothly. Those are HIP-1, HIP-3, HyperEVM protocols, bridges, and native markets.

In addition, users can swap their USDH for USDC through the same migration paths, reducing friction during the transition.

According to DeFiLlama, USDC now dominates Hyperliquid’s stablecoin liquidity.

In fact, USDC accounts for $5.74 billion of Hyperliquid’s $5.96 billion stablecoin pool. Conversely, USDH holdings have fallen sharply to just $20 million.

Meanwhile, Tether [USDT] trails at around $155 million. These figures clearly indicate that network effects are supporting the growing dominance of USDC.

This imbalance suggests network effects are reinforcing USDC’s leadership, making it the preferred collateral across spot and perpetual markets. If institutional activity continues expanding, USDC’s dominance could strengthen further.

Otherwise, USDH would require meaningful utility improvements to regain market share.

Protocol activity reinforces HYPE utility

That orderly migration is already translating into stronger on-chain activity as Hyperliquid continues expanding around its USDC-first model. The shift did not disrupt the user participation.

It allowed for a sustained level of approximately 6,932 Daily Active Addresses and over 315,000 Daily Transactions, according to DeFiLlama data.

Meanwhile, Perpetual Trading Volume remained near $2.8 billion, reinforcing Hyperliquid’s leadership in on-chain derivatives.

Growing activity also generates Annualized Fee Revenue in the hundreds of millions, creating recurring value for the ecosystem. Those fees increasingly flow into HYPE through staking, priority fees, buybacks, and incentives instead of relying mainly on speculation.

If trading activity and USDC liquidity continue growing together, HYPE’s long-term value capture could strengthen further. Otherwise, slower network activity may gradually reduce revenue growth.

Final Summary

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Preguntas relacionadas

QWhat is the main trend in Hyperliquid's stablecoin market, according to the article?

AThe main trend is a significant shift in liquidity from the native stablecoin USDH towards USD Coin (USDC), which now dominates the stablecoin pool.

QWhat action has the Hyperliquid Foundation taken to facilitate the migration from USDH to USDC?

AThe Hyperliquid Foundation has provided approximately $10 million in grants to assist with migration costs and ensure the smooth operation of its protocols, including HIP-1, HIP-3, HyperEVM, bridges, and native markets.

QWhat is the current value of USDC in Hyperliquid's stablecoin pool compared to USDH, as per DeFiLlama data?

AAccording to DeFiLlama, USDC accounts for $5.74 billion of the $5.96 billion stablecoin pool, while USDH holdings have fallen sharply to just $20 million.

QHow has the migration to a USDC-first model affected Hyperliquid's on-chain user activity?

AThe orderly migration has not disrupted user participation. It has sustained a level of approximately 6,932 Daily Active Addresses, over 315,000 Daily Transactions, and Perpetual Trading Volume near $2.8 billion.

QThrough which mechanisms does growing activity on Hyperliquid generate value for the HYPE token?

AGrowing activity generates significant Annualized Fee Revenue, which flows into the HYPE token ecosystem through staking, priority fees, buybacks, and incentives, rather than relying mainly on speculation.

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Cómo comprar HYPE

¡Bienvenido a HTX.com! Hemos hecho que comprar Hyperliquid (HYPE) sea simple y conveniente. Sigue nuestra guía paso a paso para iniciar tu viaje de criptos.Paso 1: crea tu cuenta HTXUtiliza tu correo electrónico o número de teléfono para registrarte y obtener una cuenta gratuita en HTX. Experimenta un proceso de registro sin complicaciones y desbloquea todas las funciones.Obtener mi cuentaPaso 2: ve a Comprar cripto y elige tu método de pagoTarjeta de crédito/débito: usa tu Visa o Mastercard para comprar Hyperliquid (HYPE) al instante.Saldo: utiliza fondos del saldo de tu cuenta HTX para tradear sin problemas.Terceros: hemos agregado métodos de pago populares como Google Pay y Apple Pay para mejorar la comodidad.P2P: tradear directamente con otros usuarios en HTX.Over-the-Counter (OTC): ofrecemos servicios personalizados y tipos de cambio competitivos para los traders.Paso 3: guarda tu Hyperliquid (HYPE)Después de comprar tu Hyperliquid (HYPE), guárdalo en tu cuenta HTX. Alternativamente, puedes enviarlo a otro lugar mediante transferencia blockchain o utilizarlo para tradear otras criptomonedas.Paso 4: tradear Hyperliquid (HYPE)Tradear fácilmente con Hyperliquid (HYPE) en HTX's mercado spot. Simplemente accede a tu cuenta, selecciona tu par de trading, ejecuta tus trades y monitorea en tiempo real. Ofrecemos una experiencia fácil de usar tanto para principiantes como para traders experimentados.

397 Vistas totalesPublicado en 2024.12.11Actualizado en 2026.06.02

Discusiones

Bienvenido a la comunidad de HTX. Aquí puedes mantenerte informado sobre los últimos desarrollos de la plataforma y acceder a análisis profesionales del mercado. A continuación se presentan las opiniones de los usuarios sobre el precio de HYPE (HYPE).