On The Brink with Castle Island Weekly Roundup 09/12/25 (Hyperliquid stablecoin, CBOE continuous futures, stablecoin interest) (EP.665)
11 snips
Sep 12, 2025 This week, the duo tackles the heated competition among stablecoin providers and the implications for USDC amidst fundraising and regulatory hurdles. They also explore the CBOE’s upcoming launch of continuous futures for Bitcoin and Ethereum. Security risks are highlighted with a major hack at SwissBorg, losing $40 million. Additionally, the conversation dives into the clash between outdated banking systems and the rise of decentralized finance, along with intriguing concepts like the harbinger tax and its potential challenges in implementation.
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Fork Wars Shaped Early Bitcoin Culture
- Nic and Matt recall the old fork wars and message board splits that shaped early Bitcoin culture.
- They describe how forums like BitcoinTalk and Reddit schisms influenced community narratives and outcomes.
Hyperliquid's USDH Bake-Off Matters
- Hyperliquid ran a governance bake-off for the USDH ticker, drawing bids from multiple stablecoin issuers.
- A change in the platform's default stablecoin could materially affect Circle's USDC revenue exposure.
Nested Debt And Big PIPEs Are Growing
- The industry shows growing use of debt and PIPE raises tied to token projects and treasuries.
- Large strategic pipes indicate concentrated capital and rising institutionalization in crypto debt markets.
