Hyperliquid has just flipped Solana in USDC total supply w/ 7.19Bn USDC outstanding across HyperCore and the HyperEVM.
Equally FED rate hikes of 25-50bps increases the implied reserve yield of the USDC supply as per AQAv2.
AQAv2 is approaching $200M/yr in revenue for Hyperliquid.
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