A DeFi protocol just force Coinbase and Circle to share their profits.
And those profits now automatically buy $HYPE. 🤯
Here's something that's never happened before in financial history 👇
A decentralized exchange negotiated a deal where two of the world's biggest financial companies hand over most of their income — directly to the protocol.
Not a rumor. This is live. Let me explain. 💰
First — the scale nobody is talking about:
Hyperliquid now holds $6.90 BILLION in stablecoins.
To put that in perspective:
🥇 Ethereum: $48.82B USDC
🥈 Solana: $7.70B USDC
🥉 HyperEVM: $6.58B USDC ← Hyperliquid
4️⃣ Base: $4.18B
5️⃣ Arbitrum: $2.27B
6️⃣ Polygon: $2.08B
7️⃣ BSC: $1.28B
A DEX built 3 years ago is the #3 USDC chain on Earth. 🌍
And money is pouring in FAST:
📊 Last 24 hours: +$346 million new stablecoins minted
📊 Last 7 days: +$1.17 billion net inflow
That's not a trickle. That's a flood. 🌊
Now here's the deal that changes everything:
For years, this $6.9B sitting in Hyperliquid was generating massive yield.
How? Simple: US Treasury interest rates.
$6.9B × ~4%/year = $276 million/year in interest income
The problem?
That yield historically flowed to Circle and Coinbase — not to Hyperliquid or its users. The protocol supplied the users, the liquidity, and the trading activity that made the stablecoin useful — but kept none of the income.
Hyperliquid decided that needed to change. 🔧
The AQAv2 deal — explained simply:
Think of it like owning a shopping mall.
Before: Tenants (Circle, Coinbase) kept all the rent money.
After AQAv2: The mall owner (Hyperliquid) now keeps ~90% of the rent. 🏢
Under the new arrangement, Coinbase serves as USDC treasury deployer and shares the vast majority of reserve income with the Hyperliquid protocol.
Compass Point analysts estimate the deal removes roughly $60-80 million in annual EBITDA from Coinbase and Circle combined.
Where does that money go?
➡️~90% of all USDC reserve yield → Hyperliquid protocol➡️ Protocol uses it to buy $HYPE from the open market➡️ Automatically. Every day. On top of the $800M/year in trading fees.
Implied additional yield revenue:
💵 ~$135M/year (illustrative at ~4% rate — estimate, not guaranteed)💵 ~$11.27M/month💵 ~$370K/day
⚠️ Activation still pending — yield routing begins after Coinbase + Circle complete technical setup
The skin-in-the-game signal:
Circle committed to stake 500,000 HYPE tokens as part of the deal. Coinbase also increased its staked HYPE position.
The companies providing the stablecoin infrastructure are now forced to be aligned with $HYPE.
If HYPE goes up → they profit. If HYPE goes down → they lose. 🎯
The total revenue picture for $HYPE:
💰 Trading fees (existing): ~$800M/year💰 Stablecoin yield (new, AQAv2): ~$135M/year (illustrative)
Combined: ~$935M/year in protocol revenue — and this is BEFORE US market access opens.
The precedent this sets:
Compass Point warns that other DeFi protocols may now demand similar revenue-sharing terms from Circle and Coinbase — creating pressure across the entire stablecoin industry.
Hyperliquid didn't just negotiate a deal for itself.
It changed the rules for every protocol. Forever. 📜
⚠️Not financial advice. Always DYOR.
Today, Grayscale put $HYPE on Nasdaq.
Not just to hold it.
To stake it — and pay you for owning it. 🤯
Something historic happened this morning, June 3, 2026. 👇
The world's largest crypto asset manager just launched HYPG — the Grayscale Hyperliquid Staking ETF — on the Nasdaq stock exchange.
For the first time ever: anyone with a regular brokerage account can now own $HYPE AND earn staking rewards from it.
No crypto wallet needed. No seed phrase. No exchange account.
Just a normal stock ticker. 📱
Let's break down exactly what HYPG is:
Think of it like a savings account — but instead of earning 0.5% interest at a bank, you're earning staking rewards from one of the most active financial protocols on Earth.
Here's how it works:
1️⃣ You buy HYPG shares on Nasdaq — same as buying Apple or Tesla
2️⃣ Grayscale takes your money and buys real $HYPE tokens
3️⃣ Those tokens get staked on the Hyperliquid network
4️⃣ Staking rewards (historically ~2.2% per year) flow back into the fund
5️⃣ Your shares reflect both the price of HYPE + the accumulated staking yield
Price exposure. Plus income. Through one stock ticker. 🔑
The fee structure — why this matters:
HYPG management fee: 0.29%/year
Historical staking yield: ~2.2%/year
Net math: ~+1.91%/year just from staking — before HYPE price moves a single cent.
Grayscale describes HYPG as carrying the lowest gross fee among all U.S. Hyperliquid exchange-traded products — making it the most cost-efficient institutional wrapper for $HYPE available today. 📊
Now look at what this ETF is holding:
Hyperliquid has traded over $2.99 trillion in perpetual futures volume with over $5.5 trillion in open interest.
The protocol earned approximately $857 million in fees in 2025 alone — and 99% of those fees went back into the protocol through buybacks, making HYPE one of the most value-accretive tokens in decentralized finance.
This is what's sitting inside HYPG. 🏦
Who is the custodian?
Not some random startup.
🏛️ Anchorage Digital Bank N.A. — the first federally chartered crypto bank in the US, approved by the OCC
📋 BNY (Bank of New York Mellon) — one of the world's oldest and largest financial institutions, serving as Fund Administrator
The infrastructure behind HYPG is built on century-old banking foundations. 🔐
The staking mechanic — what most people don't know:
When HYPG stakes HYPE, those tokens actively participate in securing the Hyperliquid network.
Validators who stake HYPE: → Help confirm transactions → Earn fees for doing so → Those fees distribute as staking rewards
Grayscale notes it is the first sponsor to bring staking to U.S. spot exchange-traded products — meaning HYPG is doing something no ETF has done before with a crypto staking model built into a Nasdaq-listed product.
The full picture of who is now involved with $HYPE:
📌 Bitwise (BHYP) — NYSE-listed ETF
📌 21Shares (THYP) — Nasdaq-listed ETF
📌 Grayscale (HYPG) — Nasdaq-listed, staking ETF, launched TODAY
📌 VanEck — pending SEC filing
📌 Pantera Capital — institutional investor thesis published June 2
📌 Coinbase — USDC treasury deployer on Hyperliquid
📌 Circle — technical deployer, staking 500K HYPE
Six months ago, none of these names were attached to $HYPE.
Today, every single one of them has financial skin in the game. 🎯
The bottom line for regular people:
You no longer have to understand crypto to invest in Hyperliquid.
You don't need a wallet. You don't need to understand staking. You don't need to trust a crypto exchange.
You just need a Fidelity, Schwab, or Robinhood account — and a single ticker: $HYPG. 📈
The on-ramp for institutional money just got wider.
Again. 🚀
⚠️Always read the prospectus. Not financial advice. Always DYOR.
$ETH gets hate, but $SOL isn’t in a much better spot:
Sure, Solana generates similar fees, and it’s cheaper and faster. Its monolithic design also doesn’t suffer from L2 leakage like Ethereum.
But Solana doesn’t have the same neutrality, decentralization, or censorship-resistant premium that Ethereum has.
Worse, we make fun of the EF for dumping $ETH, but we don’t even really know how much the Solana Foundation holds (and sells) in $SOL.
Their last 'Transparency Report' was published in Aug 2020
Whales also seem to prefer Ethereum for high-value DeFi: Solana has ~$5.2B in TVL vs ~$42B on Ethereum. Even BNB Chain has more.
Solana benefited from memecoins, but it hurt its reputation. And the pivot to perps is a crowded arena, with HL and all major CEXs competing for it.
Tokenization of stocks is amazing, but Ethereum leads in RWAs too.
I still hold some $SOL and want it to do well, but it’s possible $SOL is the new $ETH, and it may take Solana years to find its next engine for growth.
We're live.
Following last week's outages related to the 1.72 release, join @EmanAbio and @b1ackd0g as they walk through what happened and the steps taken to restore the network.
@technicaldebtor from the Sui Core Team is also joining to add technical context.
https://t.co/cs8VnY2S1k
This is interesting…
Hyperliquid generated $1.3B+ in fees with 97% going to buybacks
ASTER generated $450M+ in fees with up to 80% going to buybacks
One work and the other didn’t?