MemCast
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#ai-hype4#buybacks2#compute-economics5#stablecoin5
USDC is the core trading pair; HYPE is a secondary utility token
  • Hyperliquid launched with USDC‑denominated spot markets because users demand dollar‑stable trading.
  • HYPE is introduced later to provide fee discounts, staking rewards, and governance rights.
  • This separation keeps the primary liquidity source stable while allowing the native token to accrue value through protocol incentives.
  • The design mirrors other L1s that bootstrap with fiat‑pegged assets before expanding token utility.
JeffBell Curve01:01:10

Supporting quotes

Quote
01:01:10
“Stablecoins vs HYPE token... we started with USDC at the core because that's what our customers wanted.” — Jeff
Quote
01:04:46
“We do have an exchange generating a ton of fees so we're going to do buybacks.” — Jeff

From this concept

Token Economics: HYPE vs Stablecoins and Buybacks

Hyperliquid prioritises USDC as the primary trading pair while the HYPE token serves as a utility for fee discounts, governance, and buy-back funding. The token is not positioned as a money-like asset; instead it underpins network incentives and aligns stakeholder interests.

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