Hyperliquid launches native lending as HYPE tops $90

Hyperliquid launched native manual borrowing through HyperCore on Sept. 18. Users can pledge HYPE or Bitcoin as collateral to borrow USDC or USDT. Hyperliquid said $269 million in assets were borrowed Friday. HYPE traded above $90 on Friday. The token reached an intraday high of about $91.06. That level exceeded its previous record near $89.60. HYPE rose from roughly $77 earlier in the week. HYPE carries a 65% loan-to-value ratio. Bitcoin carries a 50% loan-to-value ratio. Liquidation thresholds are 82.5% for HYPE and 75% for Bitcoin. Stablecoin suppliers earn variable interest based on utilization. Borrowers pay interest on USDC and USDT. Portfolio-margin users can earn interest on idle stablecoin balances. Founder Jeff Yan said Hyperliquid built borrowing and lending as a separate HyperCore primitive. He said every borrowed asset comes from supplied liquidity. He said borrowers had access to more than $400 million of supplied liquidity at launch. Payward announced plans to deploy on-chain perpetual futures markets for US clients through Hyperliquid's HIP-3 framework. Total stablecoin supply on the network was approaching $7 billion. The network's circulating USDC supply was about $6.77 billion. Solana's circulating USDC supply was roughly $6.72 billion. Ethereum was the only network ahead of Hyperliquid in USDC supply. Hyperliquid uses USDC as a settlement and collateral asset across its trading markets. Native borrowing lets users access dollar liquidity without selling HYPE. Ryan Watkins, co-founder of Syncracy Capital, cited HyperCore's combination of perpetuals, spot trading, prediction markets, lending and vaults. Hyperliquid argues that separating lending from perpetual-margin risk makes the system easier to manage.