Dreamcash, a Hyperliquid-native trading platform backed by Tether, announced it will phase out its HIP-3-based CASH perpetual market starting June 30, citing the native integration of USDC into the Hyperliquid ecosystem. As a USDT deployment entity, Dreamcash found its operational experience increasingly challenged, making it difficult to maintain the neutral positioning originally envisioned.
Rationale and Settlement Timeline
According to the official announcement, the native integration of USDC on Hyperliquid created a high barrier for USDT-based market makers and liquidity providers. This shift undermined the platform's ability to offer a neutral trading environment. Consequently, Dreamcash initiated an orderly wind-down of the CASH perpetual market over three days, with all open positions automatically settled at oracle prices.
The settlement schedule is as follows (all times in UTC+8): On June 30 at 21:45, the CASH market enters settlement phase. From 22:00, KWEB, CAR, EWY, INTC, MSFT, SILVER, and WTI settle sequentially at one-hour intervals. On July 1 at 22:00, GOLD, AMZN, META, and NVDA settle. On July 2 at 22:00, GOOGL, HOOD, TSLA, and USA500 settle. All markets will complete settlement by 1:00 on July 3. No user action is required; positions are closed automatically based on oracle prices at settlement time.
User Funds Remain Secure
Dreamcash operates a non-custodial architecture. User funds, balances, and rewards are unaffected throughout the settlement process. There is no need to withdraw or transfer assets. The closure applies only to the perpetual market; spot trading, deposits, and other features continue to operate normally.
Strategic Pivot to Mobile Trading
Dreamcash stated that after closing the CASH perpetual market, it will redirect core resources to developing its mobile trading application. The existing Dreamcash App remains unaffected and will continue to operate as usual. This pivot signals a shift in product focus away from perpetual contract markets toward a mobile-first trading experience.
Background: Tether Investment and RWA Partnership
As previously reported by Foresight News, Dreamcash's parent company, Supreme Liquid Labs, received a strategic investment from Tether in February 2026 (amount undisclosed). Together with Selini Capital, they launched a HIP-3 RWA (Real World Asset) perpetual market collateralized by USDT0. The CASH market being closed was an early product within this collaboration. With USDC's native integration on Hyperliquid, Dreamcash faced the challenge of balancing operations across multiple stablecoin ecosystems and ultimately chose to exit the USDC-dominated market to double down on mobile trading innovation.