I've noticed something interesting while observing the Hyperliquid ecosystem over the past few days. The total supply of stablecoins has just surpassed $318 billion, with a weekly growth of 0.47% and a monthly increase of 2.86%. It's steady progress, but nothing spectacular for now.

What struck me was the distribution. Tether still dominates with $188.81 billion, but its growth is really slowing down (0.10% per week). Meanwhile, USDC is gaining ground with $78.22 billion and a monthly increase of 7.75%, while new stablecoins like USDS at $11.49 billion are taking off much faster. This clearly shows a rotation of capital is underway.

Specifically on Hyperliquid L1, I saw that more than $5 billion in stablecoins are already circulating. HyperEVM also made a splash with $1 billion right after launch. But honestly, a good part of these movements go through bridges like HyperCore, which transfer liquidity between chains. It’s more redistribution than actual capital creation.

On the usage side, DEXs generated $7.65 billion in volume this week, up 8.91%. Uniswap processed $1.289 billion, and PancakeSwap continues to perform well on stablecoin pairs. Perpetual markets remain stable around $48 to $51 billion in open interest, with no massive liquidations so far.

What’s interesting is that stablecoins are really starting to circulate actively now. ERC-20 inflows to exchanges reach $484 million. Exchanges control $70.4 billion (45 %), retail wallets hold $65.3 billion (41 %), and institutional players have $21.2 billion. So liquidity is gradually deploying across the ecosystem.

That said, all of this heavily depends on current incentives and yields. If they disappear, we’ll quickly see whether organic demand follows. For now, the momentum is there, but it’s something to watch.