- VanEck confirmed it has held HYPE tokens for months, praising Hyperliquid’s technology and governance.
- Hyperliquid’s upcoming USDH stablecoin has sparked governance proposals from major issuers such as Paxos.
- HYPE price hit a record high after surging 8.5% in 24 hours, supported by growing trading volumes.
VanEck’s chief executive has gone public with strong support for Hyperliquid, confirming that the investment firm has been holding HYPE tokens for several months. His comments highlighted confidence in the project’s technology and governance model, while also signaling readiness to contribute through research and community engagement.
The timing of this endorsement could not be more significant, as Hyperliquid’s upcoming stablecoin launch and soaring token price are capturing attention across the digital asset industry.
VanEck Backing Strengthens Confidence in Hyperliquid and its Governance
In a detailed post on X, the VanEck CEO praised Hyperliquid’s decentralized framework and its transparent approach to governance. He stressed that institutional research would be shared openly with the community, pointing out that balanced discussion of both strengths and weaknesses is essential for long-term trust. By confirming VanEck’s position as an active token holder, the endorsement provides Hyperliquid with rare validation from a traditional financial institution, underscoring the project’s growing appeal beyond retail traders.
Adding further momentum, Lion Group Holding Ltd. revealed plans to convert its Solana and Sui holdings into HYPE tokens. The company pointed to BitGo’s introduction of HyperEVM custody solutions in the United States as a key driver for this reallocation. By shifting assets into HYPE, Lion Group adds meaningful institutional demand to the token’s base at a time of accelerating growth.
Meanwhile, Lion Group currently boasts more than $1.4 million worth of SOL which amounts to 6,600 and $3.5 million worth of SUI amounting to 1million SUI tokens. Hence the possibility of the organization acquiring more than 96,000 HYPE Tokens is not far-fetched as this will add to the 128,000 HYPE Tokens it already possesses.
Top whales are also increasing their positions. On Sept. 8 alone, large whales bagged more than $24 million worth of HYPE. In addition to this, James Wynn, a popular trader expressed his bullish sentiment following HYPE’s positive price action earlier today. He opened a 10 times leveraged long position on the cryptocurrency using referral rewards of over $117,000.
Hyperliquid’s USDH Stablecoin and Rising HYPE Demand are Reshaping the Market
Hyperliquid’s plans to launch its native USDH stablecoin have already triggered multiple governance proposals, with Paxos suggesting that 95% of reserve interest should be directed to HYPE token buybacks. The anticipation has fueled fresh momentum in the market, driving HYPE more than 8.5% higher in a single day to set a new all-time high.
Trading volume also surged to $570 million daily, while the platform’s spot market recently crossed $3.4 billion in 24-hour turnover. With BTC and ETH liquidity pouring into the exchange, Hyperliquid has now established itself as one of the largest venues for spot Bitcoin trading globally.
Recently, Sky, the decentralized finance protocol previously known as MakerDAO, has stepped forward as a contender to manage Hyperliquid’s soon-to-launch stablecoin, USDH.
In a post shared on Sept. 9, Sky founder Rune Christensen laid out the case, arguing that Sky brings both experience and resources to guide the stablecoin’s development. His proposal follows Hyperliquid’s Sept. 5 announcement that the community will decide which issuer takes on the role. Other names in the running include Paxos, Frax Finance’s Legacy Frax Dollar, and Agora.
Christensen emphasized that a Sky partnership would give USDH access to $2.2 billion in instant redemption liquidity through its Peg Stability Module, ensuring large-scale swaps into USD Coin (USDC). He also pointed out that the stablecoin would be multichain from the start, powered by LayerZero technology, allowing Hyperliquid to extend its presence across several blockchains.
