Dust Lingers Over HYPE Value Following Hyperliquid Stablecoin Choice

The dust is beginning to settle regarding Hyperliquid’s choice of stablecoin partner, and now analysts at 99Bitcoins are examining the forthcoming trajectory for HYPE price.

This week witnessed a twist in HYPE price consolidation as Hyperliquid, a rapidly expanding derivatives trading protocol, completed its eagerly awaited stablecoin tender, with users selecting Native Markets as the issuer for the new USDH coin.

The decision, which was finalized on September 15 after a week-long bidding process, stands as one of the most noteworthy milestones in the $160Bn stablecoin industry.

A New Player Supported by Major Figures: Will the New Stablecoin Accelerate HYPE Price?

Native Markets has secured the USDH ticker on Hyperliquid.

Thanks to all HYPE stakers and protocol validators for their dedication in evaluating the proposals submitted.

— max.hl (@fiege_max) September 14, 2025

Native Markets is a newly established startup but comes with substantial backing. Its co-founders include Max Feige (an early investor in Hyperliquid), Mary-Catherine Lader (a significant figure, former president of Uniswap Labs and ex-BlackRock executive), and Anish Agnihotri (previous researcher at Paradigm).

The firm will issue USDH through Bridge, the stablecoin infrastructure recently acquired by Stripe in a $1.1Bn agreement, with BlackRock initially managing treasury reserves.

Over the long term, Fidelity and BNY Mellon are anticipated to participate as custodians. On-chain asset management will be conducted by Superstate, operating within Hyperliquid’s HyperEVM framework.

Revenue-Sharing: Hyperliquid Directly Challenges Circle

What distinguishes this bid is Native Markets’ initiative to distribute 100% of stablecoin revenues to Hyperliquid traders and users.

In contrast, Circle captures approximately $225M annually from USDC transactions on Hyperliquid, without any revenue distribution back to the platform’s user community.

This bold revenue-sharing strategy has sparked expectations of increased competition in the stablecoin arena, which is one of crypto’s most profitable sectors.

Stablecoins primarily generate yield from short-term Treasuries backing their issuance; indeed, Tether, Circle, and Paxos collectively earn billions each year from this system.

Given that Hyperliquid users currently retain about $6Bn in USDC, equating to roughly 8% of total USDC circulation, Circle may face a direct threat to its trading market position with the introduction of USDH.

This development sidelines a formidable array of competitors, including Paxos, Ethena, BitGo, Frax Finance, and Agora. Some industry participants raised concerns regarding whether Native Markets’ victory was predetermined.

Haseeb Qureshi from Dragonfly Capital remarked that the RFP “was a farce,” pointing out that Native submitted its bid almost immediately after the tender commenced, whereas others took several days to prepare. That swift submission has raised speculation about prior knowledge of requirements.

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HYPE Price Analysis: As Stablecoin Situation Clarifies, Will HYPE USDT Reach $60?

As clarity emerges from the stablecoin announcement, HYPE is currently trading at a crypto market price of $53, reflecting a 24-hour change of +0.5%.

This slight price breakout occurs as HYPE price action stabilizes following a brief price drop triggered by the announcement – which led to a -3% drop before a recovery.

These short-term fluctuations fit within a broader consolidation pattern on the higher time frame, as HYPE works to regain strength following a correction from the recent all-time peak at $57.

(Source – HYPEUSDT, TradingView)

However, this is significantly influenced by the ongoing pressure of the rising trading channel, which has fueled HYPE’s ascent since May – and now hints that downward movement may dominate in the upcoming weeks.

This notion is reinforced by the convergence of the 20DMA with lower price floor around the $49.5 price point, which could serve as a reasonable lower target for HYPE bulls.

Moreover, an analysis of the RSI indicator shows that downtrend sentiment continues to prevail, with the reading remaining elevated at 62, further supporting the downtrend perspective.

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The post Dust Settles Over HYPE Price After Hyperliquid Stablecoin Decision appeared first on 99Bitcoins.