Bankless ya wuce hayaniyar "sanarwar haɗin gwiwa" ta yau da kullun kuma yana duban abin da sabuwar yarjejeniya tsakanin Hyperliquid (HYPE), Coinbase (COIN), da Circle (CRCL) za ta iya nufa ga USDC. A cikin bincikenta na baya-bayan nan, wannan kafar ta yi gardamar cewa wannan haɗin gwiwa ya wuce motsi na PR kawai—musamman a lokacin da ayyukan stablecoin ke karuwa, amma alkaluman da ke karkashin lamarin ba su canza da sauri kamar yadda wasu masu saka hannun jari ke tsammani ba. Bankless ya bayyana lokacin USDC na yanzu a matsayin muhimmi amma bai cika ba, kuma ya sanya Hyperliquid a matsayin abin da ya rasa wanda zai iya taimakawa stablecoin na Circle ta mayar da karfin gudu zuwa kasuwa na gaske.
Yarjejeniyar USDC
Kamar yadda Bitcoinist ya ruwaito a makon da ya gabata, Coinbase ta ce tana fadada rawar da take takawa ta zama mai tura asusun ajiya na hukuma na USDC akan Hyperliquid. A karkashin shirin, Coinbase tana daukar USDC a matsayin Aligned Quote Asset (AQA), yayin da ake sa ran za a daina amfani da USDH na Hyperliquid a hankali.
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Bankless ya ce wannan mataki yana kawo ingantawa na zahiri: rabon kudaden shiga mafi kyau—kusan ninki biyu na abin da Hyperliquid ke samu da USDH—da kuma karin karfin doka da na hukumomi daga yin haɗin gwiwa da abin da take kira babbar muryar crypto a Washington, D.C. Rahoton ya kuma nuna fa'idodin kwarewar mai amfani, musamman tunda USDC stablecard ce da aka amince da ita wacce aka riga aka gina a cikin kwarewar musayar ga yawancin 'yan kasuwa. Bankless ta kara da cewa ana amfani da USDC musamman a kasuwannin HIP-3 na Hyperliquid, bangaren da ya jawo yawancin ganuwar Hyperliquid a cikin kusan watanni shida da suka gabata.
Daga nan, gardamar ta zama mafi dabara. Bankless ta yi ikirarin cewa yarjejeniyar Coinbase da Circle ta wuce "PR" saboda USDC tana da karfin gudu bayan amincewar GENIUS Act, amma rabon samar da ita bai canza da yawa ba. Ta gabatar da Hyperliquid a matsayin mafita ga wannan rashin daidaituwa—wata hanyar rarraba karin da za ta iya taimakawa ci gaban stablecoin ya hadu, maimakon kawai ya kasance tare da yanayin kudin da ke da rinjaye a yanzu.
Binance Ta Karfafa Rinjayen USDT
Don tallafawa ikirarin cewa "rabon samarwa baya motsi," Bankless ta nuna hadewar kasuwar stablecoin. A watan Afrilu 2025, ta ce USDT na Tether ya rike kashi 67% na samar da stablecoin, yayin da USDC ke da kashi 27.6%. Shekara guda bayan haka, USDT yana kan kashi 67.3% kuma USDC yana kan kashi 28.1%. Ta lura cewa yawan ma'amalar USDC yana karuwa, amma tsarin gaba daya bai canza da gaske ba—wanda ta bayyana a matsayin babbar matsala.
Rahoton ya yi gardamar cewa wannan yana faruwa ne saboda wani dalili. USDC tana da karfi a Amurka, amma gasar ta tattara a can. A wajen Amurka, rahoton ya ce, USDT har yanzu ita ce kudin da aka saba amfani da shi don ajiya, saka hannun jari, da ciniki—ma'ana USDC tana fuskantar kalubale mafi tsanani wajen zama kudin tushe a dandamalin ciniki na duniya. Shi ya sa ake ganin rarrabawa a matsayin fifiko, kuma ana kallon kasuwannin dindindin a matsayin fagen fama na halitta.
Stablecoins sune kudin da aka ambata wanda aka gina kasuwannin dindindin a kai, kuma yanayin da ya mamaye babbar musayar yana karfafa kansa. A Binance, Bankless ta lura, USDT ita ce ma'aunin da yawancin manyan kasuwanni ke ciniki a kai. A aikace, wannan yana nufin 'yan kasuwa galibi suna yin ma'amala da USDT, wanda ke karfafa samar da USDT, ruwa, ajiya, cirewa, da ayyukan kan sarkar.
Hyperliquid Zai Iya Gyara Hakan
Hyperliquid, a cewar Bankless, tana ba USDC hanya don yakar wannan zagayowar. Rahoton ya hada da alamomin kasuwa da ake nufin su nuna cewa rabon Hyperliquid a cikin yanayin perp na gaske ne, ba kawai na ka'ida ba. Ta yi ikirarin cewa Hyperliquid tana da kashi 30% na rabon kasuwar perp na kan sarkar, tana ba da umarni na kashi 46% na buɗaɗɗen sha'awa na kan sarkar, kuma tana aiki a kusan kashi 50% na yawan aikin Bybit, kusan kashi 30% na yawan aikin OKX, kusan kashi 79% na Coinbase International, da kusan kashi 13% na Binance.
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Babban abin da ke haifar da wannan canji shi ne, yayin da Hyperliquid har yanzu ta fi Binance karami gaba daya, Bankless ta yi gardamar cewa yanayin a bayyane yake—cinikin dindindin yana motsawa zuwa yanayin da USDC za ta iya samun karin bayyanar da tsayayye. Abin da ake cirewa shi ne cewa Coinbase da Circle za su iya barin Hyperliquid ta fadada isarta, yayin da USDC ke amfana daga kasancewarta stablecard da ke ba da karfin ayyukan ciniki. Hoton da aka nuna an halicce shi da OpenArt, jadawali daga TradingView.com.