Hyperliquid is not just competing for trading volume this time, it's starting to compete for Circle and Coinbase's money US investment banks have lowered their profit expectations for two companies due to this matter Previously, on which platform USDC was placed, the interest mainly belonged to Circle and Coinbase It's different now According to reports, about $6 billion in USDC on Hyperliquid, corresponding to reserve income, will be distributed to Hyperliquid up to 90% in the future This is not a small sum of money 6 billion USD in USDC, accounting for approximately 8% of the total online circulation That is to say, what Hyperliquid took away this time was not only the transaction fees paid by users, but also the interest deposited in the platform from stablecoins At the current pace of disclosure, USDC reserve earnings will accumulate from August 26th and will only automatically enter AF for the first time on October 3rd, and then return to HYPE through repurchase and destruction Based on the current USDC scale, this line may increase potential passive buying for HYPE by approximately $450000 per day in the future Note that this is a potential buying order, not a repurchase that has already occurred today But this is enough for JPMorgan to re-examine the profit and loss statements of Circle and Coinbase Previously, Circle and Coinbase were competing over who could receive more USDC interest Now Hyperliquid has directly turned itself into a new distributor You can understand it as: Previously, the revenue logic of HYPE was that the more transactions, the more transaction fees, and the more AF repurchases there were Now there is an additional layer: The more USDC is retained, the more reserve income Hyperliquid may receive, and there is still a chance for it to flow towards HYPE's repurchase and destruction in the end And HIP-3 data is adding trading scenarios to this logic The current HIP-3 OI has reached approximately 3.77 billion US dollars, and the cumulative trading volume of HIP-3 has reached approximately 356.65 billion US dollars, covering 197 markets and generating approximately 48.14 million US dollars in transaction fees In the past 24 hours, the trading volume of HIP-3 market was about 3.6 billion US dollars, with approximately 3.8 million transactions Under the same caliber, the trading volume of mainstream Crypto Perps such as BTC, ETH, HYPE, SOL, etc. is about 4.73 billion US dollars That is to say, the daily trading volume of HIP-3 is equivalent to about 43.2% of mainstream Crypto Perps This is not the size that a 'niche RWA testing ground' should have Take another look at OI The current OI of HIP-3 has reached approximately 3.77 billion US dollars, an increase of approximately 28.3% compared to before An increase in OI means that traders have kept their margin and positions And among these positions, there are no longer only BTC, ETH, and HYPE The OI of SP500 is about 519 million US dollars, Hynix is about 489 million US dollars, XYZ100 is about 366 million US dollars, MU is about 204 million US dollars, crude oil is about 155 million US dollars, and gold is about 135 million US dollars Stock indices, individual stocks, and commodities are becoming new liquidity entry points for Hyperliquid That's also why Hyperliquid wants to earn USDC profits, not just for an additional source of income It is providing these new markets with a new funding base Users trading stocks, commodities, and forex for perpetual trading bring more than just one transaction There are also margin, USDC balance, trading habits, and potential future agreement income that may continue to flow to HYPE Risk should also be considered HIP-3 is growing rapidly now, but its cumulative market share of about 91% is still concentrated in the hands of XYZ, the deployer Whether the new revenue line can be stable depends not only on the size of USDC, but also on the liquidity of HIP-3, the quality of the underlying assets, and whether the deployers can truly diversify In addition, the meeting between Hyperliquid Policy Center, XYZ, and SEC is only for regulatory communication, not for approval, let alone for traditional asset perpetuity to have obtained a pass But what the market sees today is no longer just an on chain exchange earning hundreds of thousands of extra transaction fees But the old logic of Circle and Coinbase making money from USDC interest is starting to be penetrated by Hyperliquid to get a share of the pie When Hyperliquid is competing for trading volume, people will treat it as a Perp DEX When it starts competing for stablecoin interest, the problem becomes: Will HYPE eventually become the asset that can both undertake transactions and earn stable coin returns? HYPE Hyperliquid