HYPE Token Surges to Record High After Hyperliquid Launches Borrowing Feature

Hyperliquid's HYPE token reached an all-time high of $92.56 on September 18, surpassing its previous record of $89.57 set earlier in the month.

The surge comes after Hyperliquid launched a borrowing feature that allows users to take out stablecoin loans against HYPE and Bitcoin as collateral.

About $269 million was borrowed on the first day, with borrowers able to borrow up to 65% of their HYPE or Bitcoin value in USDC or USDT.

Payward, Kraken's parent company, plans to offer regulated Hyperliquid perpetuals to eligible U.S. customers pending approval.