According to online reports, Circle co-founder and CEO Jeremy Allaire posted a post on X saying not to be fooled by hype. Circle will become a major participant and contributor to the Hyperliquid ecosystem. It's nice to see others buying new U.S. dollar stablecoin codes and competing, but USDC, with its deep liquidity and almost instant cross-chain interoperability, will surely be warmly welcomed by the market. Previously, Hyperliquid announced the launch of its own stablecoin USDH. Currently, four institutions, Paxos, Frax Finance, Agora and Native Markets, have submitted bidding proposals. Ethena also hinted that it will participate in the competition.