Native Markets—a startup co-founded by an early Hyperliquid contributor—won a competitive community-led bid to issue USDH, Hyperliquid’s native, compliant USD stablecoin.

This victory came after a heated bidding process involving major players like Paxos, Frax, Ethena, Agora, and BitGo, where Native Markets’ proposal emphasized reserve management across on- and off-chain assets, with yields directed toward HYPE token buybacks and USDH distribution growth.

USDH is set for a staged rollout on Hyperliquid’s Ethereum-compatible HyperEVM network, starting with small-scale testing for mints/redemptions (capped at $800 per transaction initially), followed by a USDH/USDC spot trading pair and uncapped operations.

In direct response, Circle—the issuer of USDC—accelerated its expansion into the Hyperliquid ecosystem. Just two days later, Circle launched native USDC on HyperEVM, marking a strategic move to counter potential market share loss to USDH.

This integration allows seamless USDC transfers across over a dozen networks via Circle’s Cross-Chain Transfer Protocol (CCTP v2), positioning USDC as collateral for perpetual contracts, a quote asset for spot pairs, and a tool for HyperEVM apps like treasury management and payments.

Circle also became a direct stakeholder by investing in HYPE tokens for the first time, while announcing incentive programs and collaborations with HyperEVM developers under Hyperliquid Improvement Proposal 3 (HIP-3).

USDH aims to become Hyperliquid’s dominant stablecoin, but Circle’s rapid native deployment ensures USDC remains a viable option, potentially preserving 12-15% of Circle’s revenue from the platform. Hyperliquid confirmed continued support for compliant stablecoins like USDC as quote assets.

HyperEVM, now the 8th largest DeFi chain with $2.66B TVL, benefits from increased liquidity and cross-chain interoperability. HYPE price surged to an all-time high of $59 post-announcement, boosting Hyperliquid’s $15B market cap.

This underscores intensifying stablecoin battles in DeFi, with Hyperliquid—handling $150B in monthly derivatives volume—emerging as a key battleground. Circle’s involvement validates HyperEVM as a standalone L1, per analysts like VanEck’s Matthew Sigel.

Native Markets’ USDH, aims to dominate HyperEVM’s ecosystem by leveraging on-chain governance and HYPE token buybacks. Circle’s rapid deployment of native USDC on HyperEVM is a direct countermeasure to protect its ~$5.3B in USDC liquidity on Hyperliquid.

Analysts estimate Circle could retain 12-15% of its platform revenue by ensuring USDC’s utility as collateral for perpetuals and a quote asset for spot trading. The coexistence of USDH and USDC as compliant stablecoins on HyperEVM sets up a high-stakes rivalry.

Hyperliquid’s confirmation of support for multiple stablecoins suggests a neutral stance, but USDH’s integration into governance (e.g., yield distribution) gives it a structural edge. Circle’s Cross-Chain Transfer Protocol (CCTP v2) enables seamless USDC transfers across 12+ networks, enhancing HyperEVM’s interoperability.

Combined with USDH’s rollout, this drives liquidity to HyperEVM, now the 8th largest DeFi chain with $2.66B in TVL. Circle’s investment in HYPE tokens and the USDH bid outcome fueled a price spike to $59, pushing Hyperliquid’s market cap to $15B.

This signals growing investor confidence in Hyperliquid’s governance and HyperEVM’s potential as a standalone L1 chain. Circle’s collaboration with HyperEVM developers under HIP-3 (e.g., treasury management, payment apps) fosters dApp innovation, potentially attracting more projects to the ecosystem.

By integrating USDC natively and investing in HYPE, Circle establishes itself as a key Hyperliquid stakeholder. Its planned USDC expansion to HyperCore further solidifies its long-term commitment, countering USDH’s rise while capitalizing on Hyperliquid’s $150B monthly derivatives volume.

The USDH bidding process, despite controversy over fairness, demonstrates Hyperliquid’s community-driven model. Native Markets’ win validates HyperEVM’s ability to onboard innovative startups, reinforcing its competitive edge in DeFi.

Hyperliquid’s prominence as a derivatives hub makes it a critical battleground for stablecoin issuers. Circle’s swift response mirrors broader industry trends, where stablecoins like USDT, USDC, and emerging players like USDH vie for dominance in high-volume DeFi ecosystems.

Circle’s expansion and USDH’s launch intensify competition, boost HyperEVM’s liquidity and innovation, and cement Hyperliquid’s role as a DeFi powerhouse, with ripple effects across the stablecoin and L1 ecosystems. This development highlights Hyperliquid’s maturing governance and Circle’s proactive DeFi strategy.

Polymarket, the leading blockchain-based prediction market platform, recently filed a regulatory document with the U.S. Securities and Exchange Commission (SEC) that has ignited widespread speculation about an upcoming native token launch.

The filing, dated around mid-September 2025, pertains to the company’s latest funding round and introduces a new category of financial instruments: “other warrants.” In the crypto industry, these warrants are often structured as rights to acquire tokens, a mechanism famously used by projects like dYdX prior to their token debuts.

Prior SEC filings from Polymarket’s parent company, Blockratize, only referenced traditional equity and warrants, making this addition a notable shift that signals potential preparations for tokenization. The filing coincides with Polymarket raising approximately $135 million in fresh capital, pushing discussions of a $10 billion valuation—up from $1 billion earlier in the year.

The rollout began in September 2025, aligning with the start of earnings season, and builds on Polymarket’s recent tie-up with Chainlink for 15-minute markets with near-instant settlements. This move marks Polymarket’s deeper push into regulated U.S. markets, following a favorable stance from the Commodity Futures Trading Commission (CFTC) and after earlier regulatory hurdles that led to a temporary U.S. user ban.

While Polymarket has not officially confirmed a token launch, industry observers interpret the warrants as a deliberate hint at token-linked incentives, which could reward users, enhance liquidity, or enable governance features. This move aligns with the platform’s aggressive expansion, including its recent CFTC approval to relaunch operations in the U.S. after a brief hiatus.

Polymarket, founded in 2020, has evolved from a decentralized Polygon-based platform using USDC for bets on events like elections to a compliant powerhouse, backed by investors like Polychain Capital, General Catalyst, Founders Fund, and even Vitalik Buterin. The prediction market sector is booming, with $216M raised across 11 deals in 2025 alone.

Social media buzz on X has amplified the rumors, with users and analysts drawing parallels to past token launches and debating the implications for prediction markets. For instance, posts highlight how a token could “supercharge adoption” but warn of regulatory hurdles from the SEC.

Launch of Earnings Markets

In parallel, Polymarket has launched new prediction markets focused on corporate earnings reports, marking a strategic pivot from its election-heavy origins to more recurring, TradFi-adjacent trading.

These markets allow users to bet on outcomes like whether a company’s earnings per share (EPS) will beat, meet, or miss analyst expectations, with probabilities updating in real-time during earnings cycles.

Near-instant settlement: Powered by Chainlink oracles for 15-minute resolutions on select events. Integration with platforms: Embedded directly into Stocktwits ticker pages for seamless access, where users see live odds alongside stock discussions.

Targets analysts, hedge funds, and retail traders hedging against earnings volatility, potentially driving year-round volume beyond sporadic events like elections. This rollout follows Polymarket’s U.S. relaunch and partnerships, positioning it to capture flows from traditional finance.

During the Q3 2025 earnings season, expect heightened activity around reports from tech giants like Apple or Tesla, with initial volumes already showing promise in beta tests. Overall, these developments suggest Polymarket is evolving from a crypto novelty into a hybrid finance tool.

A token launch could accelerate this, but it hinges on navigating U.S. regulations—watch for official announcements in the coming weeks.

Fox Corp. is in advanced discussions to join a consortium of investors preparing a bid for TikTok’s U.S. business, according to sources familiar with the negotiations.

The potential deal, first reported by Deadline, could mark a significant step in the reshaping of the social media landscape and place Rupert Murdoch’s media empire at the heart of one of Washington’s most politically charged corporate transactions.

President Donald Trump appeared to confirm speculation about the Murdochs’ role during an interview on Fox News’ The Sunday Briefing.

“A man named Lachlan is involved,” Trump said, referring to Fox CEO Lachlan Murdoch. “Rupert [Murdoch] is probably gonna be in the group, I think they’re going to be in the group.”

He added that other “really great people, very prominent people” — whom he called “American patriots” — were also poised to participate.

The investment would reportedly come from Fox directly, not as a personal stake by Lachlan Murdoch or through News Corp., the family’s other media holding. For Lachlan, the move would come shortly after consolidating control of the Murdoch empire following Rupert’s step back into the role of chairman emeritus.

The consortium may also include Oracle chairman Larry Ellison and Dell Technologies CEO Michael Dell, both of whom have long been rumored to be weighing involvement. Ellison’s role is particularly notable: as one of the world’s richest men, he is also the key backer of Skydance Media, which recently acquired Paramount and is considering a bid for Warner Bros. Discovery. If the deal goes forward, Fox would join Ellison in making TikTok the second major entertainment-adjacent power bloc to align with the platform.

White House press secretary Karoline Leavitt confirmed that, under the deal, the U.S. would assume control of TikTok’s algorithm, a centerpiece of the national security debate. Oracle, already providing cloud services to TikTok, would manage American user data. A new seven-member board, with six American appointees, would oversee TikTok U.S.

Beijing Offers Qualified Approval

The talks follow a Friday call between Trump and Chinese President Xi Jinping. Trump later hinted that Xi had given the green light for a deal, suggesting a rare moment of alignment between Washington and Beijing. A statement from China’s state-run news agency Xinhua underscored Beijing’s position: “The Chinese government respects the will of companies and is pleased to see companies conduct business negotiations on the basis of market rules and reach solutions that comply with Chinese laws and regulations and balance interests.”

The readout added a pointed reminder that Beijing expects Washington to “provide an open, fair, and non-discriminatory business environment for Chinese companies investing in the United States.”

A Long Battle Over TikTok’s Future

The maneuvering comes against the backdrop of years of tension over TikTok’s Chinese ownership by ByteDance. U.S. lawmakers and national security officials have repeatedly raised alarms over data privacy and influence operations on the app, which has more than 170 million American users.

In late President Joe Biden’s term, Congress passed and the Supreme Court upheld a law requiring ByteDance to sell TikTok’s U.S. operations or face a nationwide ban. Trump, after returning to office, declined to enforce the divestiture deadline and has instead issued four extensions to allow negotiations to progress. His latest remarks suggest he is eager to present the eventual deal as a victory for both national security and American business.

However, a successful stake in TikTok, for Fox, would represent a bold step beyond traditional media into the global short-video market, positioning it alongside tech titans in shaping the future of social entertainment. The deal is expected to deliver a high-profile resolution to one of Washington’s thorniest tech-national security battles — and allow him to frame the arrangement as a triumph of American enterprise over foreign influence.