"Crypto bros are fighting over the industry's version of The Bachelor's final rose. Over the past week, a handful of companies, including Stripe's Bridge and a startup connected to Paxos, have submitted proposals to launch a stablecoin on the blockchain Hyperliquid. Every suitor is eyeing the almost $6 billion in stablecoins traded on the blockchain's biggest exchange. "Hyperliquid has grown men writing public love letters to their protocol so that they may be picked as a partner," wrote Mert Mumtaz, CEO of the crypto company Helius, on X. "This is basically The Bachelor, but for stablecoins.""
"Hyperliquid is both the name of one of the fastest-growing exchanges in crypto, as well as the blockchain that hosts it. Hyperliquid operates in the realm of decentralized finance, a term that refers to offering services like lending and borrowing on a blockchain. Since its launch in 2022, the exchange, which caters to traders who want to speculate on more risky crypto derivatives, has grown its annualized revenue to almost $1.3 billion, according to data from the crypto analytics provider DefiLlama."
Multiple companies, including Stripe's Bridge and a startup tied to Paxos, have submitted proposals to issue a stablecoin on Hyperliquid. Hyperliquid combines a fast-growing exchange and its own blockchain, serving traders of risky crypto derivatives and generating nearly $1.3 billion in annualized revenue. Almost $6 billion in stablecoins are held on the exchange, making partnership rights highly valuable. Stablecoins provide traders a less-volatile asset for holding funds during trades. The competition to become Hyperliquid's official stablecoin issuer could shift trading flows and revenue, posing a potential threat to Circle's market position and bottom line.
Read at Fortune Crypto
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