Hyperliquid (HYPE -4.18%) is surging right now, hitting a record $95.95 on Sept. 22, partially as a result of widespread beliefs that it'll soon be allowed to compete in the U.S. Those beliefs are substantiated, if a bit overenthusiastic; on Aug. 19, President Donald Trump stated the Commodity Futures Trading Commission (CFTC) chair was already "working very hard" to bring it onshore.
If it gets the green light to operate in the U.S., it'd mark a massive expansion to the decentralized crypto exchange's addressable market, and it might even start to attract institutional interest. So does that mean Hyperliquid is worth buying now?
Image source: Getty Images.
Is a U.S. approval actually as close as some seem to think?
Investors must recognize that Trump's remark about Hyperliquid isn't approval.
As of Sept. 23, Hyperliquid itself hasn't announced any U.S. filing. Such records could soon exist, and, given the chaotic nature of the Trump administration's approach to policymaking, they could be published all at once, alongside an announcement that the entire process is complete. But until then, Hyperliquid will continue to voluntarily prevent U.S. users from accessing its platform to avoid violating laws or regulations, so it's important not to over-assume anything right now.
There are still hints that things are moving in the right direction.
CRYPTO: HYPE
Key Data Points
On Sept. 16, Payward, parent of crypto exchange Kraken, announced its CFTC-regulated exchange called Bitnomial would move to list Hyperliquid-based perpetual futures contracts for its U.S. clients, pending approval. That approval would cover Payward's listing, not Hyperliquid, but it's still good for the coin's holders because it'd lead to more network activity, which would generate more fees and thus more token buybacks.
Capturing the USDC yield is a more immediate reason to buy
There's a tangible reason to buy Hyperliquid right now that doesn't require any new government action.
Since Aug. 26, Coinbase Global and Circle Internet Group have passed on about 90% of the cost-adjusted yield generated by the cash equivalents and Treasuries backing the USDC stablecoins parked on Hyperliquid.
At the Federal Reserve's current target interest rates set on Sept. 16, that's about $250 million annually, given the $7.4 billion in USDC on the exchange presently. In 2025, Hyperliquid had revenue of $818 million, so it'll be getting a roughly 30% revenue boost, with any new Fed rate hikes only boosting its income further.
That new income stream is going to be used primarily for buybacks and burns of Hyperliquid's coin, and the transfer of money will formally begin on Oct. 3. And that's one big reason why it's worth buying this coin right now.
