Bankless has been looking past the usual “partnership announcement” narrative 
and instead focused on what the new Hyperliquid (HYPE), Coinbase (COIN), and 
Circle (CRCL) deal could realistically change for USDC. In its latest write- 
up, the outlet argues the collaboration is more than public relations, 
especially at a time when stablecoin momentum has started to pick up but the 
deeper numbers have not shifted as quickly as some investors might expect. 
Bankless frames USDC’s moment as meaningful, but also incomplete—while 
positioning Hyperliquid as the missing platform that could help Circle’s 
stablecoin translate momentum into real market share. The USDC Deal As 
reported by Bitcoinist last week, Coinbase said it is expanding its role by 
becoming the official treasury deployer of USDC on Hyperliquid. In the plan, 
Coinbase treats USDC as an Aligned Quote Asset (AQA), while Hyperliquid’s USDH 
token is expected to be phased out gradually. Related Reading: Hyperliquid 
ETFs Send HYPE Closer To All-Time Highs—Here’s What The Data Shows Bankless 
says that with this latest move, improvements are concrete: a significantly 
better revenue split—roughly double what Hyperliquid was earning with 
USDH—plus additional regulatory and institutional “firepower” that comes from 
aligning with what it describes as crypto’s largest voice in Washington, D.C. 
The report also emphasizes user experience benefits, especially because USDC 
is a trusted stablecoin already built into the exchange experience for many 
traders. Bankless adds that USDC is predominantly used in Hyperliquid’s HIP-3 
markets, the segment that has driven much of Hyperliquid’s visibility over 
roughly the past six months. From there, the argument becomes more strategic. 
Bankless contends that the Coinbase and Circle deal is more than “PR” because 
USDC already has momentum following the GENIUS Act approval, but its supply 
share has not meaningfully changed. It presents Hyperliquid as the fix for 
that mismatch—an added distribution channel that could allow stablecoin growth 
to compound rather than merely coexist with the existing dominant currency 
dynamic. Binance Reinforces USDT Dominance To support the “supply share isn’t 
moving” claim, Bankless points to stablecoin market composition. In April 
2025, it says Tether’s USDT stablecoin held 67% of stablecoin supply while 
USDC held 27.6%. A year later, USDT sits at 67.3% and USDC at 28.1%. It notes 
that USDC transaction volume is accelerating, but the structural picture 
remains basically unchanged, which it describes as the central problem. The 
report argues that this is happening for a reason. USDC is strongest in the 
United States, but competition is concentrating precisely there. Outside the 
US, the report says, USDT still functions as the default dollar for saving, 
investing, and trading—meaning USDC faces a tougher environment when it comes 
to establishing base currency status across global trading venues. That is why 
distribution is presented as the priority, and perpetuals are framed as the 
natural battleground. Stablecoins are the quote asset that perpetuals are 
built around, and the ecosystem that dominates the largest exchange tends to 
reinforce itself. On Binance, Bankless notes, USDT is the standard against 
which many of the biggest markets trade. In practice, that means traders are 
frequently transacting against USDT, which strengthens USDT’s supply, 
liquidity, deposits, withdrawals, and on-chain activity. Hyperliquid May Fix 
That Hyperliquid, in Bankless’s telling, offers USDC a way to fight that 
cycle. The report includes a set of market indicators meant to show that 
Hyperliquid’s share in the perp ecosystem isn’t theoretical. It claims 
Hyperliquid holds 30% of onchain perp market share, commands 46% of onchain 
open interest, and operates at about 50% of Bybit’s volume, around 30% of 
OKX’s volume, roughly 79% of Coinbase International’s, and about 13% of 
Binance. Related Reading: Solana ETF Falls Behind As XRP Collects More 
Cash—Here’s The Catalyst Driving The Split While Hyperliquid is still smaller 
than Binance overall, Bankless suggests the direction is clear—toward 
perpetuals becoming an environment where USDC can gain more consistent 
exposure. The conclusion is that Coinbase and Circle can let Hyperliquid carry 
the reach while USDC benefits from being the stablecoin underneath the trading 
activity. Featured image created with OpenArt, chart from TradingView.com

Bankless has been looking past the usual “partnership announcement” narrative and instead focused on what the new Hyperliquid (HYPE), Coinbase (COIN), and Circle (CRCL) deal could realistically change for USDC. In its latest write- up, the outlet argues the collaboration is more than public relations, especially at a time when stablecoin momentum has started to &#8230;

Circle’s Next Step: Hyperliquid (HYPE) Integration As The Catalyst For Real Supply-Share Gain

South Africa’s National Treasury and central bank have assured the crypto 
industry that proposed capital-flow regulations will not criminalize digital 
asset ownership or apply retrospectively. Modernizing Exchange Controls South 
Africa’s National Treasury and the South African Reserve Bank have sought to 
calm growing concern in the crypto industry, saying proposed changes to the 
country’s capital-flow […]

South Africa’s National Treasury and central bank have assured the crypto industry that proposed capital-flow regulations will not criminalize digital asset ownership or apply retrospectively. Modernizing Exchange Controls South Africa’s National Treasury and the South African Reserve Bank have sought to calm growing concern in the crypto industry, saying proposed changes to the country’s capital-flow &#8230;

South African Treasury Extends Crypto Rule Deadline to June 30 After Backlash

Bitcoin&#8217;s surge and short liquidations highlight market volatility and 
potential for further price increases amid geopolitical uncertainties.
The post Bitcoin surges past $78,000, triggers $30M in short liquidations 
appeared first on Crypto Briefing.

Bitcoin&#8217;s surge and short liquidations highlight market volatility and potential for further price increases amid geopolitical uncertainties. The post Bitcoin surges past $78,000, triggers $30M in short liquidations appeared first on Crypto Briefing.

Bitcoin surges past $78,000, triggers $30M in short liquidations

Nvidia&#8217;s revenue surge and massive buyback highlight AI&#8217;s growing economic 
impact, signaling robust investor confidence and market influence.
The post Nvidia posts 85% revenue surge, announces $80B buyback as AI demand 
keeps accelerating appeared first on Crypto Briefing.

Nvidia&#8217;s revenue surge and massive buyback highlight AI&#8217;s growing economic impact, signaling robust investor confidence and market influence. The post Nvidia posts 85% revenue surge, announces $80B buyback as AI demand keeps accelerating appeared first on Crypto Briefing.

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The lawsuit could set a precedent for increased scrutiny and regulation of 
trading firms&#8217; use of private communication channels.
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Terraform Labs appeared first on Crypto Briefing.

The lawsuit could set a precedent for increased scrutiny and regulation of trading firms&#8217; use of private communication channels. The post Jane Street accused of insider trading via Telegram channel with Terraform Labs appeared first on Crypto Briefing.

Jane Street accused of insider trading via Telegram channel with Terraform Labs

The exploit highlights the vulnerabilities in cross-chain bridges, undermining 
trust in decentralized finance and impacting token credibility.
The post Map Protocol token MAPO plunges 96% after exploit mints quadrillion 
tokens appeared first on Crypto Briefing.

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Circle’s Next Step: Hyperliquid (HYPE) Integration As The Catalyst For Real Supply-Share Gain

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