A revenue sharing agreement is currently moving the profits of Circle and Coinbase onto the blockchain.

Compass Point analysts point out that Hyperliquid's partnership with USDC could transfer approximately $160 million annually from traditional custody and issuers into its ecosystem.
This is not just a simple incentive plan — it means that on-chain perpetual contract exchanges are becoming true profit distributors within the stablecoin ecosystem.
Hyperliquid's weekly fee revenue has long surpassed that of Ethereum and Solana, and Bitwise even allocates 10% of its Hyperliquid ETF management fees to hold HYPE, creating a closed loop of "protocol growth — token value recirculation."
On the flip side: the revenue transfer depends on ongoing trust in USDC and sustained trading volume on Hyperliquid.
If either link faces regulatory or security issues, this profit redistribution mechanism could quickly reverse.
$eth #usdc #hype #sol #Stablecoin