USDC became Hyperliquid's stablecoin infrastructure, and the 30-year broke 5% for the first time since 2008. Austin, Ram, Chris, and Gordon Liao of Circle work through who wins.
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Coinbase and Circle have moved into Hyperliquid, installing USDC as its aligned quote asset and taking over treasury and technical deployment. For Gordon Liao, Circle's Chief Economist and Head of Research, that is a liquidity supernova. For Chris Perkins, it is the moment every TVL-trapping platform was always going to arrive at. 
Meanwhile, the CLARITY Act has cleared the Senate Banking Committee on a bipartisan vote, but the ethics question — whether Democrats will vote for a bill that leaves Trump's family holdings untouched — remains unresolved. 
And as Kevin Warsh is confirmed as Fed chair, the 30-year yield breaks 5% for the first time since 2008. 

Hosts:
<ul>
 <li>
<a href="https://x.com/ramahluwalia">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>Austin Campbell (@austincampbell) — Founder, Zero Knowledge Consulting; Adjunct Professor, NYU Stern
</li>
 <li>
<a href="https://x.com/ramahluwalia">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>, Co-Host, CEO of Lumida
</li>
 <li>
<a href="https://x.com/perkinscr97">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>, Co-Host, CEO of 250 Digital Asset Management
</li>
</ul>
Guest:
<ul>
 <li>
Gordon Liao | Master of Coin, Circle
</li>
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