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704 Crypto Exchange Sets Off Price War for Stablecoins

The Information
Yueqi Yang @ The Information · today 08:00 EDT

Crypto Exchange Sets Off Price War for Stablecoins

Just two months after Congress passed a cryptocurrency law that gave a big boost to stablecoins, a price war has broken out, potentially wiping away the lucrative profits these tokens could generate.

The battle is taking place among users of Hyperliquid, a fast-growing decentralized crypto exchange. They are considering reducing their use of Circle’s USDC, the main stablecoin on Hyperliquid. Competitors are rushing in, offering far better deals to Hyperliquid’s customers.

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