Crypto Exchange Sets Off Price War for Stablecoins
Hyperliquid users may cut back on Circle and competitors are offering much better deals for investors.
Just two months after Congress passed a cryptocurrency law that gave a big boost to stablecoins, a price war has broken out, potentially wiping away the lucrative profits these tokens could generate.
The battle is taking place among users of Hyperliquid, a fast-growing decentralized crypto exchange. They are considering reducing their use of Circle’s USDC, the main stablecoin on Hyperliquid. Competitors are rushing in, offering far better deals to Hyperliquid’s customers.