CMC: Hyperliquid Hits $1.57T as Stablecoins, RWAs Surge in Q2 2025

Key Points

1. USD1's market cap surged from $57 million to $2.2 billion due to its Binance listing, a $2 billion investment from MGX, and strong trading activity on PancakeSwap.

2. USDT's market cap increased by $14.1 billion, while USDC and PYUSD also saw gains, with USDC boosted by Circle's IPO and PYUSD growing by 28.5%.

3. Tokenized assets were dominated by private credit (58%) and U.S. treasuries ($7.38 billion), with BlackRock's BUIDL fund capturing nearly 39% of the treasury market.

4. Hyperliquid achieved $1.57 trillion in trading volume over 12 months, with $648 billion in Q2 alone, capturing over 60% of the perpetual DEX market.

5. U.S. user share on CoinMarketCap rose from 18.9% to 21.7%, driven by spot Bitcoin ETF developments and a shift from meme coins to foundational sectors like RWAs and stablecoins.