Circle and Hyperliquid compete for dominance in payment channels, DeFi stablecoins battle heats up
Source: CoinWorld
Time: 2025-09-10 13:10:23
Circle has minted US$500 million on Solana, bringing its total network circulation to US$1.2 billion in September. The additional issuance aims to enhance liquidity and accessibility for Solana users, supporting faster transaction speeds and lower fees in DeFi. Meanwhile, Hyperliquid, a decentralized exchange with $700 million total locked value (TVL), is considering launching its own stablecoin, USDH, which could challenge USDC’s dominance by sharing revenue with the community. Competing issuers such as Paxos and Ethena Labs are racing to provide high returns for HYPE holders, potentially generating more than $1 billion in revenue each year. This intensifies the battle for payment channels dominance among key players such as Stripe and Tether, heralding a broader shift in global financial infrastructure.