“We Are Bullish Hyperliquid,” VanEck CEO Says As HYPE Price Hits New ATH

VanEck CEO Jan van Eck has publicly expressed confidence in Hyperliquid’s ecosystem. His remarks come as the protocol prepares to launch its own stablecoin. This has already attracted proposals from leading firms as the HYPE price surges to new highs thanks to this momentum.

VanEck CEO Backs Hyperliquid

In a recent X post, VanEck CEO Jan van Eck praised Hyperliquid’s technology. He also praised the platform’s decentralized governance model and strategic rollout. He confirmed that VanEck has been an active participant in the ecosystem for months. 

We are bullish Hyperliquid.  We are owners (and have been for several months). And we’d be thrilled to be a part of your community’s ecosystem.

Furthermore, he highlighted that his firm is eager to contribute through research, governance participation, and future collaborations. His statement suggests that traditional financial institutions are increasingly adopting decentralized platforms.

VanEck’s participation helps the platform establish itself as a top decentralized perpetual exchange. This is particularly as it advances toward stablecoin issuance and new community-driven initiatives.

Hyperliquid’s announcement of its stablecoin, USDH, has attracted high institutional interest. Six different organizations have already submitted governance proposals, seeking a role in issuing or managing the asset.

For example, Paxos suggested a model in which 95% of reserve interest would be used to buy back HYPE tokens. The reserves themselves would be backed by U.S. Treasury bills, repurchase agreements, and Paxos’ Global Dollar stablecoin. 

Furthermore, DeFi heavyweight Frax Finance has also proposed to mint USDH against its frxUSD, USDC, USDT, and dollar reserves. Its plan could funnel reserve earnings toward staking rewards or HYPE buybacks.

Other entrants include Sky, whose co-founder, Rune Christensen, pitched a customizable token promising yields comparable to U.S. Treasury bills. These proposals could be extremely bullish for the token as its credibility grows.

HYPE Price Hits Record Highs

In light of its bullish fundamentals, the HYPE price hit a fresh all-time high. The token peaked at $53.44, climbing over 8.5% in 24 hours. The HYPE price is now up more than 1,200% from its lows in late 2024. 

With daily volume around $570 million, still lower than major coins, Bitget and Bybit have nonetheless recorded strong trading activity.

This comes after new capital allocations moved toward the token. Lion Group Holding Ltd. disclosed plans to swap its Solana and Sui holdings into HYPE tokens. The company attributed the reallocation to BitGo’s introduction of custody services for HyperEVM assets.

It is also worth mentioning that in August, Hyperliquid set a new record for its monthly revenue. The platform recorded over $106 million in lifetime revenue and trading activity. This amount is a 23% increase from the $86.6 million it made in July.

With support from the VanEck CEO and more involvement from institutions, Hyperliquid may continue to grow in the crypto market.