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Replacing USDH is not a technical issue; it's a market structure issue. This sentence is worth engraving on the minds of all stablecoin entrepreneurs.
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Editor’s Introduction
In this episode of the podcast, Circle’s Chief Economist Gordon Liao for the first time lays out in a systematic way the market-structure logic behind USDH being replaced by USDC. USDC’s balance on the Hyperliquid platform has doubled over the past year, and 90% of reserve earnings flow back to Hyperliquid to conduct HYPE buybacks. Coinbase serves as the treasury deployment partner, while Circle serves as the technical deployment partner and stakes 500,000 HYPE tokens.
Gordon also breaks down the interest rates on long-dated U.S. Treasuries. The current 30-year yield breaking above 5% is mainly driven by term premium, while stablecoins are quietly becoming the marginal buyers of U.S. Treasuries—only USDC’s on-chain settlement in 2026 Q1 ends here.