HYPE Hits Record $90.92 After Hyperliquid Opens Manual Borrowing

The signal here is less the record print than the mechanism behind it: letting users borrow stablecoins against HYPE and Bitcoin collateral turns the token into a productive balance-sheet asset rather than a purely directional bet. That matters most for holders who want liquidity without selling, and for the protocol, which now competes on lending terms rather than just trading. The open question is whether borrowing demand persists once the novelty fades, and how collateral concentration in HYPE itself behaves if the token reverses.