De-Dollarization Sparks Stablecoin Surge: Hayes Sees 126x HYPE Growth

At the WebX 2025 conference in Tokyo on August 25, BitMEX co-founder Arthur Hayes forecasted a staggering 126x surge for Hyperliquid’s HYPE token, projecting a rise from $45 to $5,670 by 2028. His bold prediction, rooted in de-dollarization trends and a $10 trillion stablecoin market, sent HYPE’s price up 9% to $47.40, with trading volume spiking 78% to $278 million, per CoinMarketCap. Hayes argues that Hyperliquid, holding a 75% share in decentralized perpetual futures, could capture 26.4% of stablecoin-driven trading volume, boosting annualized fees from $1.2 billion to $258 billion.

Global de-dollarization, evidenced by central banks’ USD reserves dropping to a 20-year low and gold purchases surging, fuels Hayes’ thesis. He predicts the US will redirect $34 trillion in Eurodollar deposits into stablecoins, leveraging platforms like Hyperliquid. With $3.4 billion in daily spot volume, Hyperliquid recently surpassed Coinbase and Bybit, nearing Binance’s BTC/USDT pair. Hayes’ model applies a 5% discount rate to a $5.161 trillion terminal value, despite skepticism over its ambitious assumptions.

Hayes, who purchased 58,631 HYPE tokens in August, also highlights stablecoin integration in apps like WhatsApp, potentially bypassing local currencies in the Global South. However, volatility and regulatory hurdles pose risks. Critics note that while Hyperliquid’s 198,397 open positions and $15 billion open interest signal strength, sustaining momentum is uncertain. If stablecoin adoption and Hyperliquid’s market dominance align, HYPE could redefine DeFi profitability.