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Barbell Insights

Qualitative research software for people tracking markets, companies, and operators.

Barbell turns longform podcast coverage into searchable entity timelines, alerts, and research context so you can find what matters without replaying every episode.

Company

About
Privacy
Terms
Support

Contact

support@barbellinsights.com

Barbell Insights is research software, not investment advice.

The Chopping Block: Perp Wars & Stablecoin Battles: Hyperliquid, Aster, Tether - Ep. 911 – Unchained — Transcript

The Chopping Block: Perp Wars & Stablecoin Battles: Hyperliquid, Aster, Tether - Ep. 911

Episode publishedSeptember 26, 2025Podcast: UnchainedUnchained↗

Mentioned

Tether Ltd.$HYPE Binance $USDC

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$BTC

$ETH

$GOOGL

$GBP

Market views

Bullish and bearish opinions expressed in this episode, paired with supporting transcript quotes. The quote confirms what was said—not whether the opinion is correct.

Bullish

TETHER— Tether maintains dominant position with 99% margins and no revenue-sharing deals, while competitors like Circle face margin erosion from exchange partnerships
ASTER— Aster poses a credible competitive threat to Hyperliquid with Binance's strategic backing and Asian teams' ability to iterate quickly despite poor initial incentive design

Bearish

CIRCLE— Circle faces deteriorating margins from revenue-sharing deals with exchanges, with Q2 adjusted EBITDA of only $126M compared to Tether's billions in profit
TETHER— Tether's $500B valuation represents over 6x premium to Circle despite timing concerns with potential Fed rate cuts hurting revenue model

Not investment advice.