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Hyperliquid logo. / Courtesy of Hyperliquid

Hyperliquid (HYPE) surged following remarks by U.S. President Donald Trump, with the rally attributed to expectations that U.S. regulators could support Hyperliquid's entry into the American market, easing regulatory uncertainty and raising hopes for expanded trading volume.

As of 1:30 p.m. on the 21st, Hyperliquid was trading at $72.72 on CoinMarketCap, up 3.77% from 24 hours earlier and up 28.01% from a week ago. Earlier, the token briefly surged about 20% in a single day, topping $70, immediately following Trump's comments.

Behind the rally is anticipation over Hyperliquid's potential entry into the U.S. market. At a White House event on the 19th, Trump referenced Commodity Futures Trading Commission (CFTC) Chairman Michael Selig, saying, "I understand Mike is working to bring Hyperliquid into the U.S. in a fully compliant and legal manner."

Hyperliquid is a Singapore-based decentralized derivatives trading platform. Despite limited access for U.S. investors due to the domestic regulatory environment, it has expanded its influence in perpetual futures trading, mainly through overseas markets.

Markets are interpreting Trump's remarks as a signal that Hyperliquid could be brought into the U.S. regulatory framework. In particular, some project that if the CFTC considers ways to permit on-chain derivatives markets within its existing regulatory structure, it could expand U.S. investor participation and boost trading volume.

New revenue streams supporting HYPE's token value are also being added. Starting on the 26th, Hyperliquid will begin accumulating stablecoin reserve income generated through AQAv2, with the first proceeds transferred to the Assistance Fund on October 3. After that, income will be settled every 30 days and automatically transferred to the fund eight days later.

AQAv2 utilizes income generated from managing reserves backing stablecoins supplied to the Hyperliquid ecosystem. Stablecoin issuers share about 90% of adjusted reserve income with the protocol, with the resulting funds used for HYPE buybacks. The strategy aims to boost the token's value by using both existing trading fees and stablecoin reserve income as funding sources for buybacks.

Still, Trump's remarks don't directly mean Hyperliquid has secured U.S. operating approval or formal regulatory recognition. Specific details on how services would be permitted, the licensing structure, and regulatory requirements to protect U.S. investors have not yet been disclosed. Further confirmation is needed, given that actual entry into the U.S. market would require consultation with regulators and satisfying related requirements.

Ayesha Kiani, Chief Operating Officer at Monarch Asset Management, assessed that Trump's remarks on Hyperliquid and HYPE's immediate price reaction are another example of how rapidly the regulatory and political landscape surrounding digital assets is shifting. She added, "What matters isn't simply the price movement, but the fact that decentralized market infrastructure is increasingly being folded into mainstream policy discussions."

                                                                                                            Kim Yoon-he