Hyperliquid plans to launch his own stablecoin, in a decision that could reduce decentralized exchanges (Dex) Dependence on the USDC of Circle.
Despite these fears, the USDC’s offer increased to $ 72.5 billion, operating at 25% in front of the estimates of the Wall Street broker, Bernstein, in 2025. The company had predicted that Stablecoin’s offer would reach $ 74 billion by the end of the year.
Stablecoin’s market share is “in tear,” wrote analysts led by Gautam Chhugani in a Tuesday report.
The market share compared to Tether, transmitter of the largest USDT in the Stable Reserve in the world, also increased to 30%, against 28% in the second quarter, said the broker.
Stablecoins are cryptocurrencies whose value is linked to another asset, such as US dollar or gold. They play a major role in the markets of cryptocurrencies, providing, among other things, payment infrastructure, and are also used to transfer money internationally.
The report noted that $ 5.5 billion in USDC (approximately 7.5% of the offer) is currently used as a guarantee on hyperliquid. Although the move of the exchange introduces competition, it will be difficult to bootstrap enough liquidity for a new stablecoin on the derivative markets where the reliability of the execution and the dimensioning are critical, analysts wrote.
Bernstein said that after the genius law, the new stable participants are inevitable. However, liquidity priming for derivatives is not trivial.
Concerns about Circle exposure to rate drops (Given that the drop in interest income could have an impact on income) Lack the situation as a whole, according to Bernstein analysts, because the stabing issuer benefits from the expansion of the supply of the USDC.
Rate reductions could even support the feeling of risk in digital assets, which has attenuated the USDC demand and related yield strategies, added the report.
Bernstein has an outperformance note on Circle actions, with a price target of $ 230. The action was exchanged by 1.2%, or about $ 116, at the time of publication.
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