Hyperliquid is launching its own stablecoin, USDH, which could significantly impact Circle (CRCL). A full swap from USDC to USDH on Hyperliquid's platform, which currently holds $5.5 billion in USDC deposits, could result in a 7% hit to USDC's outstanding supply and a $220 million revenue hit for Circle. This development could be a positive revenue stream for Hyperliquid token holders through increased buybacks.