{"id":24053,"date":"2025-12-11T18:11:51","date_gmt":"2025-12-11T18:11:51","guid":{"rendered":"https:\/\/investx.fr\/en\/?p=24053"},"modified":"2025-12-11T18:11:52","modified_gmt":"2025-12-11T18:11:52","slug":"stablecoin-battle-ethena-hyperliquid-join-forces-against-circle-whats-behind-alliance","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/stablecoin-battle-ethena-hyperliquid-join-forces-against-circle-whats-behind-alliance\/","title":{"rendered":"Stablecoin battle: Ethena and Hyperliquid join forces against circle"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"ethena-and-hyperliquid-target-circles-dominance\">Ethena and Hyperliquid Target Circle&#8217;s Dominance<\/h2>\n\n\n\n<p>The <strong>stablecoin<\/strong> market is currently experiencing an aggressive consolidation phase. <strong>Tether<\/strong> maintains its position as the <strong>undisputed leader<\/strong> with a market capitalization that far exceeds its competitors. Yet it is the battle for second place that is crystallizing tensions. Circle, with its <strong>USDC<\/strong>, has long been considered the preferred institutional alternative, benefiting from a reputation for transparency and regulatory compliance.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Introducing HyENA &#8211; the Internet Trading Engine with Native Rewards.<br><br>\u2192 USDe-margined perpetuals DEX built on Hyperliquid\u2019s HIP-3 standard<br>\u2192 Earn rewards based on your USDe margin collateral while you trade<br>\u2192 Idle margin becomes a productive savings account<br>\u2192 HLPe combining\u2026 <a href=\"https:\/\/t.co\/iR65QqsxW9\">pic.twitter.com\/iR65QqsxW9<\/a><\/p>&mdash; HyENA (@hyenatrade) <a href=\"https:\/\/twitter.com\/hyenatrade\/status\/1998377321452167509?ref_src=twsrc%5Etfw\">December 9, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The announcement of the <strong>partnership between <a href=\"https:\/\/investx.fr\/en\/learn\/crypto\/ethena\/\">Ethena<\/a> and <a href=\"https:\/\/investx.fr\/en\/crypto-investing\/exchange\/hyperliquid\/\">Hyperliquid<\/a><\/strong> marks a turning point in this market dynamic. Ethena, which made a name for itself with its synthetic stablecoin USDe, offers a radically different approach from traditional fiat-backed stablecoins. Its model relies on <strong>delta-hedging strategies<\/strong> that generate yields for holders, a unique value proposition in the ecosystem.<\/p>\n\n\n\n<p><strong>Hyperliquid<\/strong>, for its part, is <strong>a decentralized exchange<\/strong> rapidly gaining popularity thanks to its on-chain order book technology. The integration of USDe as the primary collateral asset on the platform represents a <strong>major strategic move.<\/strong> This collaboration allows Ethena to access considerable liquidity while offering Hyperliquid <strong>an alternative to the USDT-USDC duopoly<\/strong> that currently dominates trading platforms.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"an-economic-model-that-defies-conventions\">An Economic Model That Defies Conventions<\/h2>\n\n\n\n<p>The uniqueness of this alliance lies in the value proposition it offers to traders and institutional investors. Unlike traditional stablecoins that <strong>generate no yield<\/strong> for their direct holders, <strong>Ethena&#8217;s USDe incorporates compensation mechanisms<\/strong> based on derivatives market <strong>funding rates<\/strong> and DeFi yields. This characteristic naturally attracts capital seeking optimization.<\/p>\n\n\n\n<p>For Circle, this offensive represents a <strong>concrete threat<\/strong> on several fronts. USDC has built its reputation on stability and regulatory compliance, but its lack of native yield makes it less attractive in a context where investors are actively seeking returns. Circle&#8217;s reserves, composed primarily of cash and U.S. Treasury securities, generate substantial revenue for the company, but these profits are not redistributed to USDC holders.<\/p>\n\n\n\n<p>The integration of USDe on Hyperliquid also creates an important precedent. If other decentralized exchanges follow this trajectory, Circle could see its competitive advantage gradually erode. The stablecoin market operates largely <strong>on network effects: the more a stablecoin is used, the more liquid and attractive it becomes.<\/strong> This dynamic explains why every new integration counts in this war of influence.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"regulatory-issues-remain-decisive\">Regulatory Issues Remain Decisive<\/h2>\n\n\n\n<p>The stablecoin battle is not played out solely on technological or economic grounds. <strong>Regulatory<\/strong> considerations weigh heavily in the equation. Circle has invested massively in compliance and maintains close relationships with U.S. and European regulators. This stance <strong>gives it legitimacy with traditional financial institutions<\/strong> seeking exposure to digital assets.<\/p>\n\n\n\n<p>Ethena, on the other hand, operates <strong>in a grayer regulatory zone<\/strong>. Its synthetic stablecoin model raises questions about asset classification and potential systemic risks. Regulators are closely scrutinizing the collateralization mechanisms and hedging strategies underlying USDe. This regulatory uncertainty could slow its adoption by the most conservative institutional players.<\/p>\n\n\n\n<p>Nevertheless, the current market trend favors innovation and diversification. Experienced traders understand the trade-offs between risk and return. The Ethena-Hyperliquid alliance responds to <strong>a real demand<\/strong> for more sophisticated products than traditional stablecoins. The decentralized market continues to grow, and protocols that offer added value naturally capture significant market share.<\/p>\n\n\n\n<p>These are the final days of the exceptional offer for purchasing a&nbsp;<strong><a href=\"https:\/\/investx.fr\/visiter-ledger\" target=\"_blank\" rel=\"noreferrer noopener\">Ledger<\/a><\/strong>&nbsp;wallet.&nbsp;<strong>$90 in BTC offered or $50 discount<\/strong>&nbsp;for purchasing the Ledger wallet of your choice here:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a class=\"https:\/\/investx.fr\/visiter-ledger\" href=\"https:\/\/investx.fr\/visiter-ledger\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"744\" height=\"418\" src=\"https:\/\/investx.fr\/en\/wp-content\/uploads\/sites\/5\/2025\/12\/image-88.png\" alt=\"The collection of Ledger keys on black background for a special Black Friday offer\" class=\"wp-image-24062\" srcset=\"https:\/\/investx.fr\/en\/wp-content\/uploads\/sites\/5\/2025\/12\/image-88.png 744w, https:\/\/investx.fr\/en\/wp-content\/uploads\/sites\/5\/2025\/12\/image-88-300x169.png 300w\" sizes=\"(max-width: 744px) 100vw, 744px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Related articles:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/investx.fr\/en\/crypto-news\/exploring-xrp-stagnation-amid-altcoin-surges-deep-dive-into-ada-eth-explosions\/\">Exploring XRP\u2019s stagnation amid altcoin surges: A deep dive into ADA and ETH explosions<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/investx.fr\/en\/crypto-news\/can-bitcoin-trigger-bull-run-explore-key-conditions\/\">Can Bitcoin trigger a bull run? Explore the key conditions<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/investx.fr\/en\/crypto-news\/eth-whales-amass-934000-tokens-in-3-weeks-could-5000-dollars-be-on-horizon\/\">ETH whales amass 934,000 tokens in 3 weeks: Could $5,000 be on the horizon?<\/a><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Tether dominates the stablecoin market with USDT, the battle for second place heats up. Ethena and Hyperliquid have formed a strategic alliance, challenging Circle and its renowned USDC. This unexpected collaboration could reshape the sector, where every market share point matters.<\/p>\n","protected":false},"author":32,"featured_media":24052,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"ethena","_yoast_wpseo_title":"\"Why are Ethena and Hyperliquid joining forces against the giant?","_yoast_wpseo_metadesc":"\"Ethena and Hyperliquid team up to challenge Circle in the stablecoin showdown. Explore the strategic alliance shaking up the industry!\"","footnotes":"","faq_titre":"","questions_frequentes":"","custom_permalink":""},"categories":[11,10],"tags":[],"class_list":["post-24053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","category-crypto-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>&quot;Why are Ethena and Hyperliquid joining forces against the giant?<\/title>\n<meta name=\"description\" content=\"&quot;Ethena and Hyperliquid team up to challenge Circle in the stablecoin showdown. 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