Crypto bros are fighting over the industry’s version of The Bachelor’s final rose. Over the past week, a handful of companies, including Stripe’s Bridge and a startup connected to Paxos, have submitted proposals to launch a stablecoin on the blockchain Hyperliquid. Every suitor is eyeing the almost $6 billion in stablecoins traded on the blockchain’s biggest exchange.
“Hyperliquid has grown men writing public love letters to their protocol so that they may be picked as a partner,” wrote Mert Mumtaz, CEO of the crypto company Helius, on X. “This is basically The Bachelor, but for stablecoins.”
bro ngl this is pretty crazy
Hyperliquid has grown men writing public love letters to their protocol so that they may be picked as a partner
This is basically The Bachelor, but for stablecoins
Who will get the last rose? Incredible https://t.co/0zWfjAxKYg— mert | helius.dev (@0xMert_) September 8, 2025
Here’s why the stablecoin faceoff is happening, who is vying for the final rose, and how it could impact the bottom line of the publicly traded stablecoin giant Circle.
What is Hyperliquid?
Hyperliquid is both the name of one of the fastest-growing exchanges in crypto, as well as the blockchain that hosts it. Hyperliquid operates in the realm of decentralized finance, a term that refers to offering services like lending and borrowing on a blockchain. Since its launch in 2022, the exchange, which caters to traders who want to speculate on more risky crypto derivatives, has grown its annualized revenue to almost $1.3 billion, according to data from the crypto analytics provider DefiLlama.
Stablecoins, or cryptocurrencies backed by underlying assets like the U.S. dollar, are key to any exchange’s operations. Cryptocurrencies like Bitcoin or Ethereum are notoriously volatile. When traders buy or sell the tokens, they often keep their funds in stablecoins to prevent losses. Almost $6 billion in stablecoins are parked on Hyperliquid, according…