Hyperliquid challenges Polymarket and stablecoins now dwarf the FX reserves of 95 countries.

Hyperliquid is expanding its outcome contracts into real-world events like U.S. inflation data and Federal Reserve decisions.

That puts the decentralized exchange in direct competition with Polymarket, but with a key difference.

Polymarket resolves its contracts through an external Oracle protocol that has faced criticism

following controversial outcomes. Hyperliquid relies on its own validator set, which ingests news, decides which markets to list, and votes on settlement outcomes.

The combined market cap of all stable coins just hit a record $322 billion, surpassing the foreign exchange reserves of 95 countries.

That includes the UK, Canada, the UAE, Poland, and Mexico. Only 14 nations hold

more reserves than the stable coin market is worth. The bank for internal settlements is flagging the

risks related to local currency depreciation in emerging markets. And NASDAQ is one step closer to launching cash-settled Bitcoin index options.

The SEC granted NASDAQ-P-L-X conditional approval to list European-style options under the ticker, QBTC.

The product still needs a CFTC sign-off, but traders would be able to hedge Bitcoin volatility through their existing brokerage accounts without having to create separate derivatives accounts.

I'm Sam Ewan. Get more updates on CoinDest.com.