Hyperliquid Earns $105 M in September from USDC Interest, Not Trading

Grayscale research shows that Hyperliquid, the blockchain‑based leveraged‑bet exchange, earned about $105 million in September 2026, roughly the same as a year earlier, despite a broader crypto downturn. The income comes from a 90 % share of the interest generated on roughly $6 billion of customer deposits in the stablecoin USDC, which Coinbase holds as its treasury partner since May 2026. The interest is earned by investing the deposits in U.S. Treasury bills, providing a steady cash flow that does not depend on trading activity. Coinbase retains the remaining 10 % of the interest and the deposits themselves. The arrangement also makes USDC Hyperliquid’s primary trading currency, replacing the rival stablecoin USDH, and has attracted institutional partners and additional revenue streams such as futures on silver, oil, and pre‑IPO shares. Reason: The deal shows how stablecoin treasury partnerships can generate reliable revenue for crypto platforms even in bear markets, highlighting a new model for income diversification that matters to investors and regulators watching the intersection of traditional finance and digital assets.