Hyperliquid just flipped the switch on USDT borrowing in its testnet environment, marking the second stablecoin to join the platform’s portfolio margin feature. The mainnet rollout is slated for the next network upgrade, which would give traders on the decentralized exchange access to the world’s most widely used stablecoin as a borrowable asset.
What portfolio margin actually does here
Instead of maintaining separate pots of capital for spot trades and perpetual contracts, Hyperliquid lets users manage everything from a unified account. The collateral? HYPE tokens, the platform’s native asset.
In English: you deposit HYPE, borrow stablecoins against it, and trade both spot and perps without shuffling funds between different margin accounts.
Until now, the only stablecoin available for borrowing under this system was USDC, which has been live since the portfolio margin feature launched in December 2025. USDT is the natural next step, given that Tether’s stablecoin remains the dominant trading pair across crypto markets by a wide margin.
