The Hyperwave has begun.
We’ve now launched two foundational assets—hwHLP and hwHYPE—the first building blocks towards a much bigger vision.
But what exactly is that vision?
Hyperwave exists to help Hyperliquid house all of finance. We're building user-owned and community-aligned global infrastructure for one of the largest and most entrenched industries in the world: payments.
To understand why this is necessary, let's take a look at the industry's present state.
Crypto payments on fiat rails
Stablecoins have shown the strongest product-market fit in crypto, enabling fast, global, permissionless payments for everything from trading to remittances. Major players like PayPal and MoneyGram now use them for cross-border transfers, and U.S. policymakers increasingly support them as a vehicle for global dollar dominance.
Total stablecoin supply is approaching a quarter of a trillion.
This stablecoin boom is further catalyzed by crypto cards. Hundreds of which have entered the market ranging from debit and credit to custodial and non-custodial. Nearly one in 10 Americans (and more globally) are now using crypto cards for everyday purchases, and the market looks only set to grow.
The crypto card market is booming.
But there’s a catch.
While crypto cards make it easy to spend stablecoins without seemingly needing to interface with traditional banks, under the hood, the payments still run on the same old TradFi rails.
That means high fees, with crypto cards typically charging for two conversions:
1-2% Crypto-to-USD
1-2% USD-to-local currency (for transactions not in USD)*
For example, if you're in Spain and pay €70 using your crypto card:
Your stablecoins are sold and converted into USD by the crypto platform.
Then, USD is converted to EUR (euros) at the time of the transaction.
You might be charged:
2% crypto conversion fee by the platform.
1% forex fee by Visa or Mastercard for converting USD to EUR.
Spread on both conversions (BTC→USD and USD→EUR), which can vary depending on market rates.
Total effective fee: 3%–5%.
With conversion fees generating $23B+ annually in revenue for TradFi giants, there is little incentive to change the system.
To unlock the full potential of stablecoins as a true global money system and efficient everyday form of payment, we must break this FX dependency.
Wavepay: Liberating Stablecoin Payments
Hyperliquid has proven that fully on-chain infrastructure can rival centralized exchanges.
Hyperwave extends that vision to payments to help Hyperliquid ultimately house all of finance.
We are building an on-chain forex layer that repipes crypto card conversions away from legacy rails and onto Hyperliquid orderbook.
This unlocks:
Instant, transparent FX swaps at true market rates, 24/7
Drastically reduced fees (no Visa/Mastercard tax)
And through Hyperwave assets, ownership and revenue is transferred from centralized payment processors to the community.
Core Components
The House of Payments aims to transform $150T in annual cross-border flows from the profits of Visa and Mastercard into yield-generating infrastructure for the people.
This will be achieved by three components:
Forex interchange. Purpose-built forex market leveraging HIP-3 and Hyperliquid's battle-tested orderbook technology.
hwHYPE. HYPE LST built with institutions in mind. It secures the forex market while minimizing user risk, with a dual-token architecture that maximizes both capital efficiency and DeFi composability.
hwHLP. Tokenizes Hyperliquid's proven HLP vault mechanism, enabling users to own and profit from the liquidity that powers their own transactions
Building on this improved forex infrastructure, Hyperwave's Wavepay card will offer seamless international support and realize the full promise of crypto as a global payment infrastructure.
TL;DR: Stablecoins have found product-market fit on blockchain, and crypto payment cards provide distribution. Hyperwave is building infrastructure to repipe forex payment flows onchain disintermediate global payments—transferring ownership to users and token holders away from rent-seeking incumbents. If successful, Hyperwave will bring a multi-billion slice of the cross-border revenue pie to Hyperliquid.
To join us, get hwHLP and hwHYPE and start earning native yield + Wave Points.
https://app.hyperwavefi.xyz