HOW ETHENA IS ATTACKING USDC ON HYPERLIQUID

Summary from the TLDR Crypto newsletter

Ethena is countering Circle's ~$20M in profits from $4B+ USDC deployed on Hyperliquid by launching HyENA, a PerpDEX built on HIP-3 where USDe becomes the core trading collateral. Unlike USDC, USDe earns ~5% APY even while trading, routing value to users and LPs via yield, funding rates, market making, and liquidation fees. The strategy reframes stablecoins from extractive infrastructure to user-aligned financial primitives, positioning HyENA as a core Ethena product and a direct challenge to stablecoin-as-a-service models.