A Grayscale report released on Oct. 31 Beijing time said Coinbase shares 90% of the interest generated from roughly $6 billion in USDC deposits with Hyperliquid. The report said the revenue stream does not depend on trading activity, and put Hyperliquid’s September revenue from the arrangement at about $105 million.
According to the report, the setup began in May, when Coinbase became Hyperliquid’s treasury partner for USDC. Around that time, USDC replaced USDH as the platform’s main trading currency.
Grayscale also said Hyperliquid recorded $38 million in outsourced revenue in September. The report further noted that Intercontinental Exchange, the parent company of the New York Stock Exchange, is working with trade.xyz to build Hyperliquid perpetual contracts in the United States. The item was cited by BeInCrypto and carried by Techub News.
Grayscale said in a report released on Oct. 31 Beijing time that Coinbase sends 90% of the interest earned on roughly $6 billion in USDC deposits to Hyperliquid.
The report said this revenue does not rely on trading activity. It estimated Hyperliquid’s revenue from the arrangement at about $105 million in September.
Grayscale said the arrangement started in May, when Coinbase became Hyperliquid’s treasury partner for USDC. USDC then replaced USDH as the platform’s main trading currency.
The report also said Hyperliquid posted $38 million in outsourced revenue in September. It added that Intercontinental Exchange, the parent company of the New York Stock Exchange, is working with trade.xyz to build Hyperliquid perpetual contracts in the United States.
The item was cited by BeInCrypto.
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