Former BitMEX CEO Arthur Hayes has published an explosive prediction forecasting that Hyperliquid's HYPE token could surge 126 times from current levels by 2028. His thesis centers on the belief that stablecoin adoption will reach $10 trillion and transform decentralized trading, driven by U.S. Treasury Secretary Scott Bessent's policies that Hayes believes could create the largest DeFi bull market in history.
Hayes argues that the Trump administration will weaponize stablecoins to capture $34 trillion in global deposits - including $10-13 trillion in Eurodollar deposits, $21 trillion in Global South retail deposits, and $16.74 trillion in European bank deposits. This would force these funds into U.S. Treasury bills through compliant stablecoin issuers like Tether, which invest exclusively in U.S. bank deposits and Treasury bills.
The strategy involves using U.S. tech platforms like Meta's WhatsApp as distribution channels for dollar-pegged stablecoins, reaching billions of users globally while bypassing local banking systems. Hayes envisions WhatsApp providing seamless stablecoin payment functionality to users in countries like the Philippines, effectively creating digital dollar bank accounts while circumventing local regulations.
Hayes maintains substantial positions through his investment fund Maelstrom in Ethena (ENA), Ether.fi (ETHFI), and Hyperliquid (HYPE). His analysis projects ENA could gain 51x and ETHFI could achieve 34x returns by 2028 based on massive stablecoin adoption driving DeFi usage.
Hyperliquid emerges as Hayes' highest conviction play, with his prediction that the decentralized exchange will become the largest crypto trading venue of any type by 2028. The platform currently holds a 67% DEX market share and is rapidly gaining ground against centralized competitors like Binance.