Crypto companies are fighting in a ‘Bachelor’-style frenzy to launch a stablecoin that will power DeFi’s hottest exchange

Mert Mumaz, CEO of Chilius, on X. Bachelor’s degreeBut for stablecoins. ”

His brothers NGL This is very crazy

Excessive liquid has grown men who write public love letters to their protocol until they are chosen as a partner

This is basically a Bachelor’s degree, but for stablecoins

Who will get the last rose? Incredible https://t.co/0zwfjaxkyg – MERT | Helius.dev (@0xmert_) September 8, 2025

Here is the reason for the confrontation of Stablecoin, which is competing for the final rose, and how it can affect the end result of the giant Stablecoin circle circulating.

What is the height of the liquid?

Hyperlequid is both the name of the fastest growth of encryption, as well as the Blockchain that hosts it. Hyperliquid works in the world of decentralized financing, a term indicating services such as lending and borrowing on Blockchain. Since its launch in 2022, The Exchange, which meets the needs of traders who want to predict the most dangerous encryption derivatives, has grown its annual revenues to nearly $ 1.3 billion, according to data from the Crypto Defillama analysis provider.

Stablecoins, or cryptocurrency -backed currencies such as the US dollar, is the key to any exchanges. Current currencies like Bitcoin or Ethereum volatile. When traders buy or sell symbols, they often keep their money in Stablecoins to prevent losses. Nearly $ 6 billion of stablecoins is suspended on the liquid height, according to the ARTEMIS Analytics data.

More than 90 % of these symbols are USDC from Circle, the second largest stablecoin by the market value, according to Artemis. However, on Friday, HyperLeeliquid, one of the main entities behind Blockchain and Exchang, said it will give Uscer usdh to any party planning to create Stablecoin designer first and foremost of the liquid excessive.

Who fights?

The Foundation only gives the index and said that excessive liquid Blockchain will continue to support many Stablecoins, according to a newspaper published on Dissord in the ecosystem. However, spectators in the encryption industry believe those who owns a USDH leg on other stablecoins on the height of the liquid. “This will be Stablecoin that society really wants, opposite [USDC from] Bhah Kuticha, founder of Paxos Labs, one of the companies that compete for The Ticker, said that Circle, who is like Stablecoin stuck.

Stablecoin exporters usually support their origins with dollar -like rewards, such as US Treasury bills. Sources earn money by collecting the return on basic holdings. In other words, billions of stablecoins are translated on liquid to hundreds of millions of revenues, given the current interest rates. “Not every day is not offered $ 5 billion to seize,” said Andrew van Akin, the scientist of Artemis data, referring to the approximate total of the liquids.

However, to compete with Circle, which has not historically shared the return he earns from its reserves with companies that integrate Stablecoin, and the sugar excessive fiancée promised to distribute the money acquired again in the ecosystem in Blockchain.

After HyperleliQuid has opened calls to launch proposals for the launch of USDH, well -known encryption companies began to struggle for the scheme. These include startups connected to Fintech Giant, Stablecoin Paxos source, and a set of Defi projects. Zach Abrams, one of the founders of Bridge, who is a resource in Stablecoin recently, wrote on X.

How does this circle affect?

Bridge and her partner are the original markets to win the Stablecoin race, according to the Polymark S market.

However, regardless of who wins, part of the final result of the circle – at least temporarily – a threat. In the second quarter of this year, more than 96 % of the revenues of the interest it earns from the reserves that belong to Stablecoin USDC. Given that nearly the tenth of the total USDC supplies is located within the excessive liquid exchange, according to the data of Artemis Analytics, the winner of the Stablecoin race affects the full -time line. Van Akin said: “It is definitely a short -term opposite wind,” said Van Akin.

A spokesman for Serkel opposed that the excessive liquid stablecoin race will harm the company: “We don’t see a USDH sound that affects the role of USDC as the main Stablecoin in the high capacity. The circle continues to deepen our ecological communication.”

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