Kim Min-seung

Coinbase is already a leading exchange and is positioning itself as a super app for all digital assets. With the US capital market moving on-chain and regulatory barriers removed, Coinbase will be a primary beneficiary due to its existing customer base, regulatory compliance, and first-mover advantage in offering tokenized securities and other RWA products.

Hyperliquid's buyback flywheel (PvP DEX volume creates revenue, which is used to buy back and burn HYPE tokens, driving price higher) was previously in a regulatory gray area under the SEC's enforcement regime. With the new pro-crypto regulatory environment under Trump, this model is now allowed and has proven successful, leading to rapid growth and a self-reinforcing cycle of increasing volume, revenue, and token price.

The US capital market is moving on-chain with stablecoins and tokenized securities as core infrastructure. Circle (USDC) is the leading regulated stablecoin and will benefit from this secular shift. The Trump administration's executive orders and SEC reforms are accelerating adoption, making stablecoins a key growth area.