Hyperliquid's USDC revenue deal may boost HYPE buying pressure

Hyperliquid's new USDC revenue-sharing partnership with Coinbase and Circle could create sustained buying pressure for its HYPE token, CoinDesk reported. Under the agreement, USDC has been designated as Hyperliquid's official base asset. Coinbase will manage the USDC reserves on the network, while Circle will handle issuance, redemption, and cross-chain infrastructure. Market analysts believe Hyperliquid could receive up to 90% of the revenue generated from USDC deposited on its platform, which could then be used to fund HYPE buybacks. Ryan Watkins, co-founder of Syncracy Capital, said the partnership fundamentally changes Hyperliquid's business model. He explained that in addition to trading fees, the platform will now earn revenue from stablecoin deposits, allowing its income to scale with both trading volume and total assets under management. With over $5 billion currently deposited on Hyperliquid, Watkins estimated the USDC revenue sharing could generate an additional $135 million to $160 million in annual revenue.