the USDH bidding wars are heating up 🍿 as @HyperliquidX plans to launch USDH, we're already seeing top contenders jockeying to win issuance and offering of up to 100% of reserve interest/revenue to go back to the Hyperliquid community. quick recap for those unfamiliar: - stablecoins are core to Hyperliquid's business model, like with any perp exchange. - there are currently $5.72b worth of stablecoins on the HyperEVM. ~95% of that is USDC. in other words, ~95% of stablecoin supply on Hyperliquid is freezable today. - it's clear this is as unsustainable as it is undesirable for Hyperliquid. the need for a Hyperliquid-native stablecoin has been talked about for a while now. - the cool thing is Hyperliquid is now letting its token holders vote on who will be the native issuer for USDH. so who's currently bidding? @Paxos - issue USDH as a fully regulated, GENIUS/ MiCA compliant stable with global banking rails and fiat on/off-ramps. - allocate 95% of interest from reserves...
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