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HyperLiquid Stablecoin Supply Reaches Record $1.78 Billion

According to ASXN and DefiLlama data, HyperLiquid’s stablecoin supply and Perp DEX activity remain elevated, with USDC balances and derivatives liquidity leading recent on-chain metrics.

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Summary

HyperLiquid’s stablecoin supply reached a record $1.78 billion in an April 14 update, with ASXN reporting continuous growth since February and USDC accounting for $1.44 billion. On April 15, DefiLlama data showed Hyperliquid led Perp DEX trading with $7.89 billion in 24-hour volume and $7.75 billion in open interest. Overall on-chain Perp DEX volume changed little, while TradeXYZ volume fell to $2.07 billion and its oil contracts declined to $1.28 billion.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a stable value, typically by being pegged to a fiat currency such as the U.S. dollar.
  • USDC: A U.S. dollar-pegged stablecoin widely used for trading, payments, and moving liquidity across crypto platforms.
  • Perp DEX: A decentralized exchange for trading perpetual futures contracts, which let traders take leveraged long or short positions without an expiry date.