Hyperliquid Surges 2.684% on PayPal Partnership

Hyperliquid's latest price was $56.86, up 2.684% in the last 24 hours. This surge in price is attributed to the recent strategic partnership between PayPal and Hyperliquid, alongside Paxos. This collaboration aims to deepen PayPal’s influence in the cryptocurrency realm, building on its initial foray into Bitcoin transactions. The alliance is set to enhance Hyperliquid’s global reach by integrating with PayPal and Venmo, providing access to over 400 million users. This joint effort is designed to expand Hyperliquid’s financial services capabilities and propel it further into the global financial landscape.

The collaboration is part of a broader strategy to comply with GENIUS (USA) and MiCA (EU) policies. One of the key initiatives is the upcoming launch of a stablecoin named USDH, which aligns with the goal of listing HYPE on PayPal and Venmo platforms. PayPal’s extensive user base and annual transaction value of $1 trillion reinforce its influence in the financial sector. This partnership has the potential to transform Hyperliquid into a formidable player in DeFi, as traditional finance entities and digital finance converge to actualize ambitions envisioned as early as 2021.

Hyperliquid’s HYPE Coin remains a central component of its network, with its inherent utilities well-supported by analysts. The platform’s facilities, akin to centralized exchanges offered by GMX and DYDX, have played pivotal roles in its consistent value retention near historical peaks. While investor speculation has surged with PayPal’s announcement, creating market volatility, it also heightens interest, suggesting possible pullbacks with diminishing news coverage. Enthusiasm, as observed on social media, can drive short-term price fluctuations.

Despite the withdrawal of Ethena Labs’ USDH stablecoin proposal, Ethena is determined to ramp up its product development. The Founder Guy Young said that the team will be zeroing in on new offerings. Some of them are hUSDe synthetic dollars, USDe-powered savings tools, and cutting-edge HIP-3 market designs. These include reward-bearing trading collateral, modular prime broking, and perpetual swaps on equities. Young highlighted that their excitement lies in building solutions that expand crypto’s utility. Moreover, Arthur Hayes, co-founder of Maelstrom’s crypto investment fund, has been increasing his stake in Ethena. According to Arkham data, Hayes purchased nearly $1 million worth of ENA tokens within 48 hours. This included 578,956 ENA tokens valued at $473,000 on September 11 and an earlier tranche worth $521,000. His buying spree comes ahead of Sunday’s critical vote on the USDH proposal.

VanEck is preparing to launch a spot-staking exchange-traded fund (ETF) for the cryptocurrency token HYPE in the United States. At the same time, the company is also planning to introduce a similar exchange-traded product (ETP) in Europe. This move was revealed by sources talking to Blockworks. VanEck already has ETFs for popular cryptocurrencies like Bitcoin and Ethereum. However, this will be the first time the firm is trying to build an ETF for a relatively new token such as HYPE. In fact, if approved, HYPE would become the youngest token to make its way into a VanEck ETF. Furthermore, VanEck plans to use a portion of the profits made from the ETF to buy back HYPE tokens. This strategy is in line with Hyperliquid’s current strategy, where the platform uses almost all of its revenue on token buybacks. Such buybacks can cause a decrease in the supply of the token and potentially increase its market value over time. In Europe, there are already products such as the 21Shares Hyperliquid ETP. Similarly, other areas are experimenting with staking-related financial products. For example, Canada has introduced spot Solana ETFs with staking rewards. Meanwhile, some Latin American firms include staking returns to cut investor fees. Even markets in Asia-Pacific are starting to explore spot crypto investments, albeit most of them do not offer complete staking benefits. VanEck’s move is not only a matter of innovation – it is part of a worldwide trend. Investors worldwide are becoming more enthusiastic about combining staking income with the safety of more traditional financial products. However, challenges remain. The U.S. Securities and Exchange Commission (SEC) has to approve the ETF anyway. Although VanEck has a strong record of filing early in crypto, including for Bitcoin and Ethereum, the SEC has been slow to embrace staking-based products. Transitioning from the traditional ETF to crypto staking ETFs require that regulators develop new guidelines. Despite the regulatory uncertainty, VanEck thinks the time is right. Matt Maximo, senior investment analyst at VanEck, confirmed that Hyperliquid has been one of the main areas of interest for their liquid fund this year. Moreover, Kyle Dacruz, director of digital assets at VanEck has stated that there is clear investor demand for a HYPE staking ETF. The addition of such an ETF could also aid HYPE in getting listed on major US exchanges such as Coinbase. Since it was launched in 2023, Hyperliquid has been sitting on top of the decentralized finance (DeFi) revenue charts for several weeks now. This momentum may be attractive to institutional as well as retail investors. In conclusion, VanEck’s proposed ETF has the potential to be a turning point for crypto in traditional markets. By combining staking rewards with investor-friendly ETFs, VanEck is making it possible for more people to gain exposure to decentralized finance.

Hyperliquid's decentralized exchange has advanced its governance framework by removing team-staked $HYPE tokens from voting eligibility in the USDH stablecoin initiative. This move aims to enhance voting fairness and community participation while creating new possibilities for the USDH ticker within its ecosystem. The platform's stablecoin development continues to progress as Native Markets has emerged as the leading contender in managing USDH reserves. OpenEden and BitGo have joined the competitive process to serve as validators, intensifying the selection phase for this core component of Hyperliquid's infrastructure. Notably, Ethena Labs withdrew from the $5.5 billion USDH stablecoin bidding process on September 11, 2025, citing community feedback as the primary reason for its decision.

Growth within Hyperliquid's staking ecosystem has gained momentum, attracting yield-seeking participants engaging with Kintetiq's ongoing airdrop campaign. Concurrently, broader institutional interest is reflected through VanEck's reported preparations for a spot $HYPE ETF, signaling increased recognition of the protocol's potential and stimulating community engagement. Further validating its institutional adoption, Lion Group Holding Limited disclosed strategic treasury management activities on September 10, 2025, confirming significant holdings of Hyperliquid ($HYPE) tokens. This positions the protocol within a growing list of blockchain assets considered for long-term institutional allocation strategies.