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Hyperliquid launches USDC and USDT loans backed by HYPE and Bitcoin
Hyperliquid has launched a manual borrowing feature that allows users to borrow USDC and USDT against HYPE and Bitcoin. Following the launch, HYPE jumped 13% in 24 hours and reached a new all-time high of $90.92.
The Manual Borrows feature went live on September 18 and operates on HyperCore infrastructure. According to the platform, total borrowed assets have already reached $269 million.
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Users can supply HYPE and Bitcoin as collateral to borrow the USDC and USDT stablecoins. Interest rates depend on the utilization of available liquidity, with borrowers paying interest and asset suppliers earning yield.
Hyperliquid sets LTV at up to 65%
For HYPE, the maximum loan-to-value ratio is 65%, while the partial liquidation threshold is 82.5%. For Bitcoin, the respective levels are set at 50% and 75%.
Manual borrowing is available to users with standard and unified accounts. Loans are handled automatically for portfolio margin accounts, so the Manual Borrows feature is disabled for them.
Hyperliquid will also retain 10% of the interest paid by borrowers as a reserve for future liquidations. The remainder will be distributed among suppliers of the respective assets.
The new feature expands lending capabilities within Hyperliquid's onchain ecosystem. Manual borrowing uses the same underlying HyperCore infrastructure as portfolio margin.
HYPE hits new all-time high
Following the launch, HYPE surged more than 13% in 24 hours and reached a record $90.92. At the time of publication, the token was trading at around $90.45, while its daily trading volume had increased by 75%.
Hourly HYPE/USDT chart on Binance. Data: TradingView.
HYPE has gained around 60% recently following Donald Trump's comments about the CFTC working on a potential path for Hyperliquid to enter the U.S. market. Bitcoin, meanwhile, climbed above $78,000, gaining more than 2% in 24 hours, while open interest in Bitcoin futures rose about 4% to $53.5 billion.
Kraken parent company Payward recently confirmed plans to launch regulated Hyperliquid-based perpetual futures in the U.S. through Bitnomial. The new contracts are expected to use the platform's public blockchain, while Hyperliquid's existing order books will remain unavailable to U.S. customers.
Payward therefore aims to bring part of the onchain derivatives market into regulated U.S. infrastructure. The project involves regulated contracts designed to comply with U.S. requirements.
Earlier, we reported that Hyperliquid Strategies increased the limit of its share sale program to $2.5 billion to potentially expand its HYPE reserves. The company had already raised $647 million through the program.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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