Hyperliquid diversifies revenue via USDC deal
The guest argued that Coinbase's deployment of USDC on Hyperliquid will generate an estimated $150 million in annual recurring revenue for Hyperliquid, representing a 25% boost to its annualized revenue.
The argument
Under the new 'aligned asset' model, 90% of the yield generated by the $5 billion of USDC on Hyperliquid will go to Hyperliquid's assistance fund. The guest noted this shifts Hyperliquid's business model toward predictable, recurring subscription-like revenue and away from purely cyclical trading fees.
The thesis, stress-tested
✓ What validates it
- ✓Hyperliquid's public revenue reports confirming the $150M annualized run-rate increase
- ✓Successful integration and sunsetting of the USDH brand
▸ Risks discussed
- ▸Yield rates on USDC could compress if macroeconomic interest rates fall
- ▸Regulatory scrutiny over offshore, non-KYC platforms partnering with US public companies
Hear it yourself
"the aligned, stable coin. And native markets ultimately won with a a little bit of controversy, I recall. And, yeah, they went live a few months ago, and this grow to about a 100,000,000 in in in supply on hyperliquid. And, yeah, today's news that they sold the brand assets to Coinbase, and Coinbase will be the treasury deployer. It's that definitely feels like a a big, shift. It goes to show the power of distribution for stablecoins. If you look at agreement with Coinbase, they pay a 100% of yield, generated by USCC that is, you know, on platform on Coinbase, to Coinbase, and 50% of off platform USCC, yield."
02:15
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