The Hyperliquid ecosystem is experiencing rapid growth and increased developer activity, with plans to launch a custom fiat-backed stablecoin called USD_HL. This stablecoin, powered by M0 Foundation's platform, aims to replace idle USDC holdings, which generate approximately $107.5 million annually, thereby enabling the ecosystem to earn protocol revenue. Hyperliquid's HyperEVM platform is approaching $1 billion in total value locked (TVL) with over 20,000 daily active addresses. The Unit platform within Hyperliquid records more than $600 million in weekly spot trading volume, while protocol fees have exceeded $70 million per month. The ecosystem achieved an all-time high of $78 billion in weekly perpetuals volume, commanding 71% of the decentralized finance (DeFi) perpetuals market. Developer momentum is expected to drive the emergence of sub-exchanges and trading platforms using builder codes and the HIP-3 protocol in the coming quarters. Hyperliquid competes with Ethereum for the largest community of EVM developers and with Solana for the largest user base of decentralized finance participants. The ecosystem is focusing on on-chain performance parity with centralized exchanges, catering to users who prefer to keep assets on-chain. Additionally, improvements in user experience, such as mobile apps with zero bridging and gas fees, are enhancing consumer adoption. The stablecoin market has doubled in the past year to $200 billion, with accessibility and passive yield identified as key growth drivers. Separately, the Momentum platform on the Sui Network set a new daily trading volume record of $116 million, surpassing $100 million for the first time. Overall, Hyperliquid's expanding ecosystem and innovative stablecoin initiatives position it as a notable competitor in the DeFi space.