Dreamcash, a mobile-first trading interface built on Hyperliquid Layer 1 network, will shut down its CASH perpetual contract markets after concluding that its USDT-based model could no longer compete following Hyperliquid’s native USDC integration.
The Tether-backed non-custodial platform announced the decision on X, saying it will gradually wind down the markets as trading shifts toward the network’s native stablecoin infrastructure.
Dreamcash said it launched CASH markets through Hyperliquid’s HIP-3 framework to attract traders who preferred using USDT. However, the platform said the competitive landscape changed after USDC became deeply integrated into the Hyperliquid ecosystem, making it difficult for USDT-based markets to remain viable.
The stablecoin UX asymmetry
The deep integration of native USDC introduced friction for platforms utilizing alternative stablecoins.
“With USDC now natively embedded into the platform, the UX hurdle of operating as a USDT deployer is too high to overcome,” Dreamcash stated in its official address, noting that the asymmetric operational threshold ultimately rendered the CASH perpetual environment unviable.
The company said the shutdown will not affect user funds because Dreamcash operates as a non-custodial trading application. Accounts, balances, and rewards will remain unchanged, and users will not need to complete withdrawals or claim procedures. Dreamcash also thanked traders and liquidity providers who supported the CASH markets since launch.
The settlement process will begin on June 30, 2026, and end on July 2, 2026. Dreamcash said it will close markets in stages according to a scheduled timeline. Each contract will settle at its oracle price when trading stops, while funding rates will be set to zero during the settlement period to simplify the closing process.
The first group of markets scheduled for settlement on June 30 includes KWEB, CAR, EWY, INTC, MSFT, SILVER, and WTI. GOLD, AMZN, META, and NVDA are scheduled to settle on July 1. Dreamcash will settle its remaining markets, including GOOGL, HOOD, TSLA, and USA500, on July 2.
Refocusing on the mobile trading core
The closure of CASH markets will not affect Dreamcash’s broader business. The company said it will continue operating its web and mobile trading applications while shifting more resources toward its mobile platform in an effort to attract more users to crypto trading.
The announcement drew attention from the decentralized finance community. DeFi analyst Jordi in Cryptoland wrote on X, “One by one, they’re all going down. Dreamcash just announced it’s shutting down; the second HIP-3 market to close in a week.”
Despite Dreamcash’s decision, activity across the wider Hyperliquid ecosystem remains strong. Data from DeFiLIama shows the network holds about $5.76 billion in total value locked, while perpetual futures trading volume has exceeded $250 billion over the past 30 days. The stark divergence suggests that the CASH market shutdown points to localized liquidity barriers facing individual USDT-based app deployments rather than a broader contraction of trader demand on the network.
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