{"id":612203,"date":"2026-06-29T07:00:17","date_gmt":"2026-06-29T11:00:17","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=612203"},"modified":"2026-06-29T07:02:15","modified_gmt":"2026-06-29T11:02:15","slug":"hyperliquid-usdh-fades-to-20mln-heres-whats-replacing-it","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/hyperliquid-usdh-fades-to-20mln-heres-whats-replacing-it\/","title":{"rendered":"Hyperliquid: USDH fades to $20mln \u2013 Here&#8217;s what&#8217;s replacing it"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">Hyperliquid&#8217;s [HYPE] stablecoin market is becoming increasingly concentrated as liquidity continues shifting toward USD Coin [USDC] instead of the native USDH.<\/p>\n<p data-pm-slice=\"1 1 []\">The trend reflects traders&#8217; preference for deeper liquidity and established settlement assets over newer DeFi-native stablecoins.<\/p>\n<p data-pm-slice=\"1 1 []\">Hyperliquid Foundation has put out roughly $10 million in grants to assist in migration costs and ensure that each of its protocols continues to run smoothly. Those are HIP-1, HIP-3, HyperEVM protocols, bridges, and native markets.<\/p>\n<figure id=\"attachment_612212\" aria-describedby=\"caption-attachment-612212\" style=\"width: 1197px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/image-74.png\"><img decoding=\"async\" class=\"wp-image-612212 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/image-74.png\" alt=\"\" width=\"1197\" height=\"970\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/image-74.png 1197w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/image-74-300x243.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/image-74-1024x830.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/image-74-768x622.png 768w\" sizes=\"(max-width: 1197px) 100vw, 1197px\" \/><\/a><figcaption id=\"caption-attachment-612212\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<p>In addition, users can swap their USDH for USDC through the same migration paths, reducing friction during the transition.<\/p>\n<p>According to DeFiLlama, USDC now dominates Hyperliquid&#8217;s stablecoin liquidity.<\/p>\n<p data-pm-slice=\"1 1 []\">In fact, USDC accounts for $5.74 billion of Hyperliquid&#8217;s $5.96 billion stablecoin pool. Conversely, USDH holdings have fallen sharply to just $20 million.<\/p>\n<figure id=\"attachment_612209\" aria-describedby=\"caption-attachment-612209\" style=\"width: 1080px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/image-62.png\"><img decoding=\"async\" class=\"wp-image-612209 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/image-62.png\" alt=\"\" width=\"1080\" height=\"757\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/image-62.png 1080w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/image-62-300x210.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/image-62-1024x718.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/image-62-768x538.png 768w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/a><figcaption id=\"caption-attachment-612209\" class=\"wp-caption-text\">Source: DeFiLlama<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">Meanwhile, <a href=\"https:\/\/ambcrypto.com\/coins\/tether\/\" target=\"_blank\" rel=\"noopener\">Tether [USDT]<\/a> trails at around $155 million. These figures clearly indicate that network effects are supporting the growing dominance of USDC.<\/p>\n<p data-pm-slice=\"1 1 []\">This imbalance suggests network effects are reinforcing USDC&#8217;s leadership, making it the preferred collateral across spot and perpetual markets. If institutional activity continues expanding, <a href=\"https:\/\/ambcrypto.com\/coins\/usd-coin\/\" target=\"_blank\" rel=\"noopener\">USDC&#8217;s<\/a> dominance could strengthen further.<\/p>\n<p data-pm-slice=\"1 1 []\">Otherwise, USDH would require meaningful utility improvements to regain market share.<\/p>\n<h2 data-pm-slice=\"1 1 []\">Protocol activity reinforces HYPE utility<\/h2>\n<p data-pm-slice=\"1 1 []\">That orderly migration is already translating into stronger on-chain activity as Hyperliquid continues expanding around its USDC-first model. The shift did not disrupt the user participation.<\/p>\n<p data-pm-slice=\"1 1 []\">It allowed for a sustained level of approximately 6,932 Daily Active Addresses and over 315,000 Daily Transactions, according to DeFiLlama <a href=\"https:\/\/defillama.com\/chain\/hyperliquid-l1\" target=\"_blank\" rel=\"noopener\">data<\/a>.<\/p>\n<p data-pm-slice=\"1 1 []\">Meanwhile, <a href=\"https:\/\/defillama.com\/protocol\/hyperliquid\" target=\"_blank\" rel=\"noopener\">Perpetual Trading Volume<\/a> remained near $2.8 billion, reinforcing Hyperliquid&#8217;s leadership in on-chain derivatives.<\/p>\n<p data-pm-slice=\"1 1 []\">Growing activity also generates Annualized Fee Revenue in the hundreds of millions, creating recurring value for the ecosystem. Those fees increasingly flow into HYPE through staking, priority fees, buybacks, and incentives instead of relying mainly on speculation.<\/p>\n<p data-pm-slice=\"1 1 []\">If trading activity and USDC liquidity continue growing together, HYPE&#8217;s long-term value capture could strengthen further. Otherwise, slower network activity may gradually reduce revenue growth.<\/p>\n<hr \/>\n<h2 data-pm-slice=\"1 1 []\">Final Summary<\/h2>\n<div class=\"\" data-turn-id-container=\"request-6a3f6023-d688-83ea-b0b2-f800b8dc520c-5\" data-is-intersecting=\"true\">\n<section class=\"text-token-text-primary w-full focus:outline-none has-data-writing-block:pointer-events-none [&amp;:has([data-writing-block])&gt;*]:pointer-events-auto R6Vx5W_threadScrollVars scroll-mb-[calc(var(--scroll-root-safe-area-inset-bottom,0px)+var(--thread-response-height))] scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]\" dir=\"auto\" data-turn-id=\"request-6a3f6023-d688-83ea-b0b2-f800b8dc520c-5\" data-turn-id-container=\"request-6a3f6023-d688-83ea-b0b2-f800b8dc520c-5\" data-testid=\"conversation-turn-244\" data-turn=\"assistant\">\n<div class=\"text-base my-auto mx-auto pb-10 [--thread-content-margin:var(--thread-content-margin-xs,calc(var(--spacing)*4))] @w-sm\/main:[--thread-content-margin:var(--thread-content-margin-sm,calc(var(--spacing)*6))] @w-lg\/main:[--thread-content-margin:var(--thread-content-margin-lg,calc(var(--spacing)*16))] px-(--thread-content-margin)\">\n<div class=\"[--thread-content-max-width:40rem] @w-lg\/main:[--thread-content-max-width:48rem] mx-auto max-w-(--thread-content-max-width) flex-1 group\/turn-messages focus-visible:outline-hidden relative flex w-full min-w-0 flex-col agent-turn\" data-conversation-screenshot-content=\"\">\n<div class=\"flex max-w-full flex-col gap-4 grow\">\n<div class=\"min-h-8 text-message relative flex w-full flex-col items-end gap-2 text-start break-words whitespace-normal outline-none keyboard-focused:focus-ring [.text-message+&amp;]:mt-1\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"a7c3fd64-21b7-496e-ae33-d1c58b299e0f\" data-message-model-slug=\"gpt-5-5\" data-turn-start-message=\"true\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden\">\n<div class=\"markdown prose dark:prose-invert wrap-break-word w-full dark markdown-new-styling\">\n<ul data-start=\"0\" data-end=\"286\" data-is-last-node=\"\" data-is-only-node=\"\">\n<li data-section-id=\"ulbgph\" data-start=\"0\" data-end=\"130\"><em>Hyperliquid [HYPE] transitions from USDH to USDC, strengthening liquidity and supporting continued network growth.<\/em><\/li>\n<li data-section-id=\"zv2ff1\" data-start=\"132\" data-end=\"286\" data-is-last-node=\"\"><em>Hyperliquid growth now depends on sustained trading activity, with higher network usage supporting stronger fee generation and token utility.<\/em><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Hyperliquid reshapes its stablecoin strategy around USDC and network growth.<\/p>\n","protected":false},"author":120,"featured_media":612328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,4,20],"tags":[6427],"class_list":["post-612203","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - 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