Almost $1B more in stablecoins is sitting on Hyperliquid than a week ago. DefiLlama tracks $7.796B on @HyperliquidX’s L1, up 13.56% in seven days. That works out to roughly $931M in additional balances. The breakdown is even more striking: > USDC: 99.26% > All other stablecoins combined: 0.74% So roughly $7.74B of that balance is USDC. For all the competition between stablecoin issuers, this particular ecosystem runs almost entirely on Circle’s dollar. We usually talk about Hyperliquid through trading volume. But volume measures how much turns over, and the same capital can trade repeatedly. Stablecoin balances give us another view: how many dollars are actually sitting inside the ecosystem. Now, that extra $931M doesn’t mean traders opened $931M of new positions. The balance figure alone doesn’t tell us how much is collateral, deployed elsewhere or waiting to be used. Still, a 13.56% weekly increase is substantial.