How USDC Wins the Hyperliquid Deal

David argues Coinbase and Circle's real win in the Hyperliquid deal isn't optics but distribution for USDC at scale. While USDC's market share moved only half a percentage point to 28.1% versus USDT's 67.3%, perpetuals—growing at triple-digit rates and structurally tied to stablecoins—offer a critical battleground. Hyperliquid commands 30% of onchain perpetuals market share with global reach exceeding Coinbase's regulatory limits, positioning USDC to compete with USDT's dominance as quote asset across the fastest-growing crypto category.