Arthur Hayes: $10 Trillion Stablecoins and Hyperliquid as the “Decentralized Binance” – A 126x Rally Incoming?
Hello Lions!
Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, just dropped one of the boldest theses of 2025:
👉 The stablecoin market will explode to $10 trillion by 2028.
👉 Hyperliquid will become the true “Decentralized Binance”, capturing massive market share.
👉 And its token, HYPE, could rally 126x from current levels.
Let’s break down why Hayes thinks the next crypto mega-cycle could be built on stablecoins — and why Hyperliquid might be at the center of it.
💸 Stablecoins: The $10 Trillion Trojan Horse
In many countries, fiat currencies are bleeding value at record speed. For millions of people, stablecoins are becoming the go-to way to protect savings.
But here’s the kicker: once people hold stablecoins, that liquidity naturally flows back into crypto protocols — searching for yield, leverage, or better opportunities.
For Hayes, this transition is not just logical… it’s inevitable.
🏦 Hyperliquid: The “Decentralized Binance”
Among all protocols, Hayes singles out Hyperliquid as the one poised to dominate.
- A fully on-chain DEX with both spot and perpetual markets.
- Transparent, censorship-resistant, and scalable.
- Positioned to eat into Binance’s market share as trust in centralized exchanges fades.
Hayes literally calls it the “Decentralized Binance” — a title that, if fulfilled, could make Hyperliquid the backbone of crypto trading in the next cycle.
📈 The Math Behind the 126x Rally
Hayes doesn’t stop at narratives. He brings hard numbers:
- By 2028, stablecoins hit $10T.
- Binance today trades 26.4% of stablecoin supply daily.
- Apply that ratio to Hyperliquid → $2.6T in daily volume.
- At 0.03% average fees → $258B annual revenue.
- Discount future flows at 5% → $5.16T valuation.
Result? A potential 126x increase from today’s HYPE price, targeting $5,540 per token.
🤔 Crystal Ball or Inevitable Future?
Of course, we’re still looking into a crystal ball here. A 126x rally sounds insane today.
But ask yourself this:
- Will stablecoins keep replacing fiat as savings tools?
- Will users continue migrating to decentralized exchanges they can actually trust?
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