HYPE reached a record $92.56 on September 18 after Hyperliquid launched manual stablecoin borrowing through HyperCore. Users can deposit HYPE or Bitcoin as collateral and borrow USDC or USDT, with HYPE carrying a 65% loan-to-value ratio versus 50% for Bitcoin. About $269 million in assets were borrowed during the service’s first 24 hours. HYPE later traded near $91.20, up 10.5% over 24 hours, while its market value stood near $20.3 billion and daily transaction volume reached approximately $1.72 billion. The token gained 57.1% over the preceding month as Bitcoin traded near $80,981 after rising roughly 5.6% during the session. Borrowers pay interest, suppliers earn yield linked to platform utilization, and Hyperliquid retains 10% of borrower interest for a liquidation reserve. The protocol sets partial liquidation at 82.5% for HYPE collateral and 75% for Bitcoin. Separately, Payward, the entity behind Kraken, said on September 16 that it intends to build permissioned Hyperliquid HIP-3 markets for qualifying U.S. clients through Bitnomial, subject to regulatory authorization. Bitnomial would oversee regulated market operations, clearing and settlement, and no timetable was disclosed. NEAR has also added perpetual futures trading through Hyperliquid, offering more than 50 trading pairs with leverage of up to 40x.