Hyperliquid secures up to $160 million annual yield from Coinbase on $6.2 billion USDC
𝕏/@coinbase •
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Promote with Leviathan News$6.4B of stables on Hyperliquid L1, 98% USDC per DeFiLlama, gives HL enough distribution to make Circle/Coinbase rebate reserve income instead of just renting liquidity. If up to ~90% of the float yield keeps routing into protocol revenue and HYPE buybacks, deposits become a second PnL line that is less reflexive than perp volume. The tradeoff is clear: USDC as canonical collateral tightens fiat rails and depth, but it also leaves Hyperliquid more exposed to Fed cuts, Circle policy, and Coinbase/CCTP operational risk.
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