Circle vs. Hyperliquid: Competition in the Stablecoin Market Intensifies

Bernstein analysts predict Circle will maintain its growth trajectory despite Hyperliquid’s USDH stablecoin launch. The new stablecoin from Hyperliquid, powered by their DEX platform, brings increased competition to the market, particularly in terms of liquidity. Circle benefits from strong market dominance and a history of successful financial products, but the rivalry with Hyperliquid suggests potential shifts within the stablecoin ecosystem.