{"id":115377,"date":"2025-12-11T16:07:37","date_gmt":"2025-12-11T16:07:37","guid":{"rendered":"https:\/\/investx.fr\/pt\/?p=115377"},"modified":"2025-12-11T16:07:37","modified_gmt":"2025-12-11T16:07:37","slug":"alianca-entre-ethena-hyperliquid-para-desafiar-circle-guerra-stablecoins-entenda-motivo","status":"publish","type":"post","link":"https:\/\/investx.fr\/pt\/noticias\/alianca-entre-ethena-hyperliquid-para-desafiar-circle-guerra-stablecoins-entenda-motivo\/","title":{"rendered":"Alian\u00e7a entre Ethena e Hyperliquid para desafiar Circle na guerra dos stablecoins: Entenda o motivo"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"ethena-e-hyperliquid-desafiam-a-dominacao-da-circle\">Ethena e Hyperliquid desafiam a domina\u00e7\u00e3o da Circle<\/h2>\n\n\n\n<p>O mercado de <strong>stablecoins<\/strong> atravessa atualmente uma fase de consolida\u00e7\u00e3o agressiva. A <strong>Tether<\/strong> mant\u00e9m a sua posi\u00e7\u00e3o de <strong>l\u00edder incontest\u00e1vel<\/strong> com uma capitaliza\u00e7\u00e3o que supera largamente a dos seus concorrentes. No entanto, \u00e9 precisamente a luta pelo segundo lugar que cristaliza as tens\u00f5es. A Circle, com a sua <strong>USDC<\/strong>, foi durante muito tempo considerada como a alternativa institucional privilegiada, beneficiando de uma reputa\u00e7\u00e3o de transpar\u00eancia e conformidade regulamentar.<\/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>O an\u00fancio da <strong>parceria<\/strong> <strong>entre<\/strong> <strong><a href=\"https:\/\/investx.fr\/pt\/aprender-criptomoedas\/cripto\/ethena\/\">Ethena<\/a> e <a href=\"https:\/\/investx.fr\/pt\/investir-criptomoedas\/exchange\/hyperliquid\/\">Hyperliquid<\/a><\/strong> marca uma viragem nesta din\u00e2mica de mercado. A Ethena, que se destacou com a sua stablecoin sint\u00e9tica USDe, prop\u00f5e uma abordagem radicalmente diferente das stablecoins tradicionais garantidas por reservas fiat. O seu modelo baseia-se em <strong>estrat\u00e9gias de delta-hedging<\/strong> que permitem gerar rendimentos para os detentores, uma proposta de valor \u00fanica no ecossistema.<\/p>\n\n\n\n<p>A <strong>Hyperliquid<\/strong>, por seu lado, \u00e9 <strong>uma exchange descentralizada<\/strong> que ganha rapidamente popularidade gra\u00e7as \u00e0 sua tecnologia de livro de ordens on-chain. A integra\u00e7\u00e3o da USDe como ativo de colateral principal na plataforma representa uma <strong>jogada estrat\u00e9gica de grande dimens\u00e3o.<\/strong> Esta colabora\u00e7\u00e3o permite \u00e0 Ethena aceder a uma liquidez consider\u00e1vel, oferecendo simultaneamente \u00e0 Hyperliquid uma <strong>alternativa ao duop\u00f3lio USDT-USDC<\/strong> que domina atualmente as plataformas de <a href=\"https:\/\/investx.fr\/pt\/investir-criptomoedas\/trading\/prop-firm\/\">trading<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"um-modelo-economico-que-desafia-as-convencoes\">Um modelo econ\u00f3mico que desafia as conven\u00e7\u00f5es<\/h2>\n\n\n\n<p>A particularidade desta alian\u00e7a reside na proposta de valor que oferece aos traders e aos investidores institucionais. Contrariamente \u00e0s stablecoins cl\u00e1ssicas que <strong>n\u00e3o geram qualquer rendimento<\/strong> para os seus detentores diretos, <strong>a USDe da Ethena integra mecanismos de remunera\u00e7\u00e3o<\/strong> baseados no <strong>funding rate<\/strong> dos mercados de derivados e nos rendimentos DeFi. Esta caracter\u00edstica atrai naturalmente os capitais em busca de otimiza\u00e7\u00e3o.<\/p>\n\n\n\n<p>Para a Circle, esta ofensiva representa uma <strong>amea\u00e7a concreta<\/strong> em v\u00e1rias frentes. A USDC construiu a sua reputa\u00e7\u00e3o sobre a sua estabilidade e conformidade regulamentar, mas a sua aus\u00eancia de yield nativo torna-a menos atrativa num contexto em que os investidores procuram ativamente rendimentos. As reservas da Circle, compostas principalmente por cash e obriga\u00e7\u00f5es do Tesouro americano, geram receitas substanciais para a empresa, mas estes lucros n\u00e3o s\u00e3o redistribu\u00eddos aos detentores de USDC.<\/p>\n\n\n\n<p>A integra\u00e7\u00e3o da USDe na Hyperliquid cria igualmente um precedente importante. Se outras exchanges descentralizadas seguirem esta trajet\u00f3ria, a Circle poder\u00e1 ver a sua vantagem competitiva erodir-se progressivamente. O mercado das stablecoins funciona em grande parte <strong>com efeitos de rede: quanto mais uma stablecoin \u00e9 utilizada, mais se torna l\u00edquida e atrativa.<\/strong> Esta din\u00e2mica explica porque \u00e9 que cada nova integra\u00e7\u00e3o conta nesta guerra de influ\u00eancia.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"as-questoes-regulamentares-permanecem-determinantes\">As quest\u00f5es regulamentares permanecem determinantes<\/h2>\n\n\n\n<p>A batalha das stablecoins n\u00e3o se joga unicamente no terreno tecnol\u00f3gico ou econ\u00f3mico. As considera\u00e7\u00f5es <strong>regulamentares<\/strong> pesam fortemente na equa\u00e7\u00e3o. A Circle investiu maci\u00e7amente na conformidade e mant\u00e9m rela\u00e7\u00f5es estreitas com os reguladores americanos e europeus. Esta postura <strong>confere-lhe uma legitimidade junto das institui\u00e7\u00f5es financeiras tradicionais<\/strong> que procuram exposi\u00e7\u00e3o aos ativos digitais.<\/p>\n\n\n\n<p>A Ethena, pelo contr\u00e1rio, opera <strong>numa zona mais cinzenta<\/strong> do ponto de vista regulamentar. O seu modelo de stablecoin sint\u00e9tica levanta quest\u00f5es sobre a classifica\u00e7\u00e3o do ativo e os riscos sist\u00e9micos potenciais. Os reguladores examinam de perto os mecanismos de colateraliza\u00e7\u00e3o e as estrat\u00e9gias de cobertura que sustentam a USDe. Esta incerteza regulamentar poder\u00e1 travar a sua ado\u00e7\u00e3o pelos atores institucionais mais conservadores.<\/p>\n\n\n\n<p>No entanto, a tend\u00eancia atual do mercado favorece a inova\u00e7\u00e3o e a diversifica\u00e7\u00e3o. Os traders experientes compreendem os compromissos entre risco e rendimento. A alian\u00e7a Ethena-Hyperliquid responde a <strong>uma procura real<\/strong> por produtos mais sofisticados que as stablecoins tradicionais. O mercado descentralizado continua a crescer e os protocolos que oferecem valor acrescentado captam naturalmente quotas de mercado significativas.<\/p>\n\n\n\n<p>Aproveite <strong>50% de desconto<\/strong> na compra de uma <strong>wallet <a href=\"https:\/\/investx.fr\/visiter-ledger\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Ledger<\/a><\/strong> com a nossa oferta. Termina em breve, s\u00e3o os \u00faltimos dias para oferecer um magn\u00edfico presente de Natal:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><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\/pt\/wp-content\/uploads\/sites\/2\/2025\/12\/image-90.png?wsr\" alt=\"Um smartphone com uma ledger nano x sobre fundo preto para uma oferta black friday\" class=\"wp-image-115408\" srcset=\"https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/2\/2025\/12\/image-90.png 744w, https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/2\/2025\/12\/image-90-300x169.png 300w\" sizes=\"(max-width: 744px) 100vw, 744px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Sobre o mesmo tema:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/investx.fr\/pt\/noticias-cripto\/michael-saylor-revela-projeto-bancario-inovador-com-base-bitcoin-isso\/\">Michael Saylor revela projeto banc\u00e1rio inovador com base em Bitcoin: O que \u00e9 isso?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/investx.fr\/pt\/noticias-cripto\/reuniao-fomc-hoje-acompanhe-anuncios-vivo-impacto-nas-criptomoedas\/\">Reuni\u00e3o do FOMC hoje: Acompanhe os an\u00fancios ao vivo e o impacto nas criptomoedas<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/investx.fr\/pt\/noticias-cripto\/zcash-sera-uma-subida-59-pct-crucial-para-reiniciar-bull-run-esperar\/\">Zcash: Ser\u00e1 uma subida de 59% crucial para reiniciar o bull run? O que esperar?<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Enquanto o Tether domina o mercado de stablecoins com o USDT, a disputa pela segunda posi\u00e7\u00e3o est\u00e1 acirrada. Ethena e Hyperliquid unem for\u00e7as para enfrentar o Circle e seu famoso USDC. Esta alian\u00e7a estrat\u00e9gica promete sacudir o setor, alterando a din\u00e2mica do mercado de criptomoedas em Portugal.<\/p>\n","protected":false},"author":32,"featured_media":115376,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","faq_titre":"","questions_frequentes":"","custom_permalink":""},"categories":[44,6],"tags":[],"class_list":["post-115377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","category-noticias-cripto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Por que Ethena e Hyperliquid se unem contra o colosso Circle?<\/title>\n<meta name=\"description\" content=\"Ethena e Hyperliquid unem-se para desafiar Circle na competi\u00e7\u00e3o dos stablecoins. 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Je suis \u00e9galement form\u00e9 au trading et \u00e0 l\u2019analyse technique depuis plus d\u2019un an sur le march\u00e9 des cryptomonnaies, mais \u00e9galement sur le forex et les m\u00e9taux pr\u00e9cieux comme l\u2019or ou le silver. J\u2019ai obtenu un dipl\u00f4me de la Crypto Academy sur les fondamentaux techniques du Bitcoin et poss\u00e8de une exp\u00e9rience de plus de 5 ans dans le journalisme et l\u2019\u00e9criture d\u2019articles p\u00e9dagogiques. J\u2019ai notamment \u00e9crit de nombreuses masterclass pour \u00e9duquer les nouveaux venus dans l'industrie et plus de 10 000 articles et news.J\u2019ai \u00e9galement pu interviewer de nombreux fondateurs et cr\u00e9ateurs de projets dans la crypto comme Marc Lebreton (chef marketing de la blockchain SUI), EJ Ayala (Coinbase US et Draftkings), et d\u2019autres projets comme Polyhedra (Eric Vreeland), Usual (Adli Takkal Bataille), ou encore Humanity Protocol (Jade Gu). 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