Just saw Circle's boss getting anxious and tweeting about taking back HYPE's territory. Someone in the comments pointed out a fact: USDC's actions and responses are actually pretty slow, no wonder the stock price got halved. @HyperliquidX pulling off this partnership probably stems from the feeling that USDC subsidizes CEXs too much, and not giving subsidies to Dexperp feels unfair. Although USDC has the first-mover advantage of being listed, it’s not like they can rest easy. At least I’m happy to see disruptors like USDe stirring things up. Today, I listened to a Silicon Valley podcast about stablecoins, and it was pretty interesting. The stablecoin wars are really just getting started. One extra bonus for people like me is that it’s becoming obvious that more and more stablecoin projects are competing for funding lately. Even the financial regulators are probably getting overwhelmed. The competition is forcing the big players to keep offering subsidies. If you’ve got a lot of capital right now, just sitting back and earning interest is honestly pretty nice.