According to the source, DeFiLlama reports Hyperliquid generated $2.75 million in 24h revenue, ranking behind Tether and Circle and ahead of pump.fun at $1.83 million, per DeFiLlama. For traders, this indicates elevated fee capture and activity on Hyperliquid’s on-chain derivatives venue in the last 24 hours, per DeFiLlama. The timeframe is the latest 24h window as of September 19, 2025, based on DeFiLlama’s revenue dashboard, per DeFiLlama.

According to JPMorgan, Circle faces intense competition as Tether, Hyperliquid, and multiple fintech firms prepare U.S.-compliant stablecoin launches. Source: JPMorgan research note dated Sep 18, 2025. For trading, monitor USDC versus USDT market share, order book liquidity, and funding spreads across centralized exchanges and DeFi, as competitive launches can redirect flows and alter spreads in USD pairs. Sources: Kaiko research on stablecoin market share and liquidity 2023; Bank for International Settlements analysis on stablecoins and market functioning 2023.

According to the source, Circle has minted an additional 250,000,000 USDC on Solana, bringing month-to-date issuance to 2.25 billion USDC on the network, signaling a notable expansion in stablecoin liquidity on Solana (source: the source). Traders should verify the new issuance via Circle’s USDC transparency page and Solana block explorers tracking Circle’s treasury mint to confirm on-chain inflows (source: Circle; Solana blockchain data). An expanded USDC float on Solana typically supports deeper USDC-SOL spot books and can compress USDC borrow rates across Solana lending markets during net inflow periods, which is directly relevant for basis, funding, and market-making spreads (source: Solana lending markets such as Solend and Marginfi; DEX/liquidity data via DeFiLlama). Key trading checks: USDC-SOL depth and slippage on Orca and Raydium, SOL perpetual funding and basis on major derivatives venues, and stablecoin share within Solana TVL to gauge whether liquidity is translating into risk-on positioning (source: Orca; Raydium; major derivatives exchanges’ public data; DeFiLlama).

According to Lex Sokolin, Web2-driven blockchain investment will likely accelerate adoption but concentrate value in platforms over open protocols, signaling platform success and aggregation effects for market structure; source: Lex Sokolin, X, Sep 4, 2025. He highlights Circle, Stripe, and Coinbase as probable winners in a vertically integrated model and points to JPMorgan’s Onyx retaining market venues post-Quorum sale as precedent for platform capture; source: Lex Sokolin, X, Sep 4, 2025. He adds that DeFi activity is concentrated in tokens and the dollar, with the dollar’s leakage into Web3 generating outsized activity, in large part on Tron; source: Lex Sokolin, X, Sep 4, 2025. Trading implications: monitor shifts in dollar liquidity toward Tron and platform-centric rails, and evaluate risk/reward between centralized platforms and public-chain tokens under potential walled-garden dynamics; source: Lex Sokolin, X, Sep 4, 2025. He notes prior bank-funded consortia chains collapsed despite significant fees, but improvements in technology, talent, and political will increase the likelihood of platform-led outcomes; source: Lex Sokolin, X, Sep 4, 2025.

According to @lookonchain, Tether minted another $2 billion in USDT, with combined issuance by Tether and Circle reaching $12 billion over the past month, highlighting a sharp expansion in stablecoin float that traders track for liquidity signals (source: Lookonchain on X, Sep 4, 2025). This scale of stablecoin issuance is commonly monitored as a proxy for potential on-exchange buying power and order-book depth in major pairs like BTC and ETH (source: Kaiko research, 2024). Traders should watch USDT and USDC market cap changes, exchange stablecoin balances, and BTC and ETH spot depth to gauge liquidity transmission into prices and derivatives open interest (source: Kaiko research, 2024).

According to @lookonchain, Tether minted $1B USDT and Circle minted $250M USDC today, with a combined $8.75B in stablecoins minted over the past month (source: @lookonchain).

According to @lookonchain, Circle minted 750 million USDC about three hours ago, with the mint visible on the referenced Solscan account starting with 7VHUFJ (source: @lookonchain; Solscan). According to @lookonchain, Circle has minted a cumulative 10.25 billion USDC over the past three months, indicating sustained issuance activity (source: @lookonchain). The source does not provide details on subsequent distribution to exchanges or cross-chain flows beyond the Solana mint reference, so traders should track follow-on USDC movements to assess near-term liquidity effects on BTC and ETH order books (source: @lookonchain; Solscan).

According to @ai_9684xtpa, Hyperliquid now holds about $4.82B in USDC, ranking third by USDC scale across all public chains and networks and first among bridged USDC networks (source: @ai_9684xtpa). According to @ai_9684xtpa, Hyperliquid’s USDC is currently bridged via Arbitrum (source: @ai_9684xtpa). According to @ai_9684xtpa, Circle has announced that native USDC support on Hyperliquid is coming soon (source: @ai_9684xtpa). According to Circle, native USDC removes bridge risk relative to wrapped assets, which can improve settlement reliability for traders and streamline deposit/withdrawal flows once enabled (source: Circle).

According to Lex Sokolin, banks need compliant stablecoins, those stablecoins require secure networks, and those networks need ETH, establishing a direct linkage between bank adoption and ETH demand for network security and alignment (source: Lex Sokolin, X post on Aug 17, 2025: https://twitter.com/LexSokolin/status/1957175454755946949). He further states that proprietary EVM chains from Circle and Stripe are not a good idea, signaling a preference for leveraging ETH-secured networks over corporate-owned chains for compliant stablecoin scale (source: Lex Sokolin, X post on Aug 17, 2025: https://twitter.com/LexSokolin/status/1957175454755946949). For traders, this positions ETH as the primary asset underpinning secure settlement for bank-grade stablecoins, while corporate EVM chains face a negative assessment in this framework (source: Lex Sokolin, X post on Aug 17, 2025: https://twitter.com/LexSokolin/status/1957175454755946949).

According to @lookonchain, Tether minted another 1B USDT, with Tether and Circle minting a combined $9.5B in stablecoins over the past month, as reflected by Arkham Intelligence’s entity explorer and Lookonchain’s on-chain alert; source: @lookonchain on X; Arkham Intelligence. Stablecoin supply expansions have historically coincided with higher crypto market liquidity and stronger BTC performance, as documented by Coin Metrics analyses of stablecoin free float versus BTC returns; source: Coin Metrics State of the Network. Traders should monitor USDT and USDC exchange balances, stablecoin share of trading volume, and basis/funding to assess whether fresh issuance is converting into spot demand; source: Kaiko market structure research; Glassnode exchange balance metrics; Deribit Insights on funding and basis. Verify whether the newly minted USDT is authorized but not issued inventory versus circulating supply, a distinction Tether outlines in its transparency disclosures; source: Tether Transparency.

According to @ThinkingUSD, 24-hour fees passed Circle for the first time, shared as an interesting note on August 14, 2025. According to @ThinkingUSD, no protocol or dataset was specified, indicating the claim is an observation without further detail.

According to @lookonchain, Circle minted 5.5B USDC on Solana over the past month. According to @lookonchain, rising USDC mints indicate fresh liquidity that can support upside in major assets like ETH. According to @lookonchain, traders should watch USDC issuance trends on Solana to gauge ETH price direction.

According to @rovercrc, 400,000,000 USDC was just minted and framed as a potential market pump, but the claim requires on-chain verification before trading decisions. Source: @rovercrc on X. The post does not provide a transaction hash or contract event reference, so the mint is unverified from the post alone at time of viewing. Source: @rovercrc on X. USDC is issued by Circle, and new issuance can be validated via Circle’s transparency disclosures and blockchain explorers tracking official USDC contracts. Source: Circle; Source: Etherscan. For trading confirmation, verify a USDC Mint event on the relevant chain and then monitor subsequent USDC net inflows to centralized exchanges, as these flows most directly impact spot and perpetual liquidity. Source: Etherscan; Source: Kaiko. Without confirmed exchange inflows, large mints can reflect treasury operations, redemptions, or cross-chain swaps rather than deployable buying power, so assuming a broad market pump is not warranted. Source: Circle. Actionable checklist: confirm the mint on-chain, track USDC exchange netflows, and watch stablecoin share of total crypto volume to gauge risk-on momentum before positioning. Source: Etherscan; Source: Nansen; Source: Kaiko.

According to @alice_und_bob, USDC is a validated product that could move from a private ledger to a public ledger, enabling greater fee capture, stacked products, and higher revenue, which may alter stablecoin market dynamics; source: @alice_und_bob on X (Aug 12, 2025). However, Circle states USDC already operates natively on multiple public blockchains, including Ethereum and Solana, indicating any change would likely concern issuance or settlement rails rather than token availability; source: Circle USDC multichain documentation. For trading, monitor USDC circulating supply and mint/redeem flows, plus stablecoin market share and transfer volumes, to gauge liquidity impacts on BTC and ETH order books; sources: Circle Transparency Reports and DeFiLlama Stablecoins Dashboard.

According to @alice_und_bob, USDC already operates on a private ledger behind corporate servers, and ARC would create a public ledger for a private product that serves as a corporate headquarters to connect to other chains, source: @alice_und_bob on X (Aug 12, 2025). For trading context, this characterization frames ARC as infrastructure for USDC interoperability rather than a new monetary asset; treat any market impact as contingent on verifiable technical releases and official announcements, source: @alice_und_bob on X (Aug 12, 2025). USDC issuance and redemption are centrally controlled while circulating on multiple public chains, so reassess liquidity routing, transfer rails, and fees only after official integration details are published, source: Circle USDC documentation (multichain support and centralized issuance).

According to @MilkRoadDaily, Circle and Stripe’s latest payments move is not on Ethereum, signaling a shift toward non-Ethereum on-chain payment rails that traders should factor into positioning, source: @MilkRoadDaily. For traders, an off-Ethereum implementation can dampen near-term ETH payment-narrative momentum while redirecting attention to alternative low-fee networks, source: @MilkRoadDaily. Actionable monitoring includes ETH spot and perp funding, stablecoin on-chain transfer share by network, and liquidity/spreads on non-Ethereum rails for confirmation, source: @MilkRoadDaily.

According to @stonecoldpat0, the key question is whether Stripe and Circle are holding back potential L2 launches because they want stablecoin-denominated gas, but neither company has publicly announced an L2 or cited stablecoin gas as a blocker, per Stripe’s 2024 stablecoin payments announcement and Circle’s product documentation that focus on USDC, CCTP, and Programmable Wallets rather than an L2. On current major Ethereum L2s, gas is paid in ETH, per Optimism and Arbitrum documentation, reinforcing ETH’s role as the native L2 fee asset. Stablecoin-fee user experience is already possible via account abstraction and paymasters that let users pay fees in USDC while the protocol settles gas in ETH, per the ERC‑4337 specification, Circle Programmable Wallets gas abstraction docs, and zkSync Era documentation on paymasters. Some networks natively allow multi-currency gas, such as Celo which supports fees in cUSD, showing stablecoin gas is technically feasible without launching a new L2, per Celo documentation. Trading takeaway: until an official L2 plan is disclosed by either firm, ETH remains the dominant L2 gas asset while USDC utility expands through mainstream integrations like Stripe’s stablecoin payments, per Stripe’s announcement and L2 documentation.

According to @pedrouid, Stripe and Circle are advancing onchain payments but should launch an Ethereum Layer-2 instead of building new Layer-1 chains to scale payments on-chain (Source: Pedro Gomes @pedrouid on X, Aug 12, 2025). The post explicitly questions the need for Stripe’s Tempo and Circle’s Arc to be L1 chains in 2025, signaling a preference for ETH-centric scaling via L2s (Source: Pedro Gomes @pedrouid on X, Aug 12, 2025). For traders, this stance highlights potential narrative strength for ETH and the Ethereum L2 stack over new L1 payment chains, which can influence where liquidity and developer attention concentrate in the near term (Source: Pedro Gomes @pedrouid on X, Aug 12, 2025).

According to @MilkRoadDaily, Circle (Nasdaq: CRCL) posted its first earnings as a public company with total revenue up 53% year over year, USDC supply up 90% year over year, and a net loss of $482M (source: @MilkRoadDaily; source: Circle earnings report). For traders, a faster-rising USDC supply expands the stablecoin float that Glassnode’s Stablecoin Supply Ratio uses as a proxy for crypto market buying power, making USDC flows and liquidity conditions key signals to monitor despite the reported net loss (source: Glassnode; source: @MilkRoadDaily).

According to @MilkRoadDaily, Circle ($CRCL) is planning a new Layer-1 blockchain named Arc focused on stablecoin and foreign exchange (FX) payments (source: @MilkRoadDaily on X, Aug 12, 2025). The project targets a public testnet launch between September and November 2025 (source: @MilkRoadDaily on X, Aug 12, 2025).