Do you guys realize how much money Hyperliquid has potentially missed out on by not having a native stablecoin?
There’s ~$5.6B in external stables sitting on HL. With a non-native coin, the reserve interest goes to the issuer, not the ecosystem.
Rule of thumb: every 1% on $5.6B ≈ $56M/yr.
At ~3–4% bills, that’s ~$170–$225M leaking each year.