Hyperliquid had not announced a U.S. filing by Sept. 23; Trump’s remarks did not amount to approval. The article estimates USDC yield could add about $250 million a year at current rates, with transfers for buybacks and burns due to start Oct. 3.
Hyperliquid’s HYPE token hit a record $95.95 on Sept. 22 amid expectations of U.S. access. On Aug. 19, Trump said the CFTC chair was “working very hard” to bring it onshore, but Hyperliquid continued to voluntarily block U.S. users to avoid violating laws or regulations. Separately, Payward, Kraken’s parent, said Sept. 16 that its CFTC-regulated exchange Bitnomial would list Hyperliquid-based perpetual futures for U.S. clients, pending approval. That approval would apply to Bitnomial’s listing, not Hyperliquid.
Since Aug. 26, Coinbase and Circle have passed on about 90% of the cost-adjusted yield from the cash equivalents and Treasuries backing USDC held on Hyperliquid. The calculation uses $7.4 billion in USDC on the exchange and Federal Reserve target rates as of Sept. 16; the estimated income would equal roughly 30% of Hyperliquid’s $818 million in 2025 revenue. Author Alex Carchidi disclosed positions in Hyperliquid; The Motley Fool also has positions in and recommends Hyperliquid.
