USDH: I have been through the proposals for the USDH issuer, and here is my opinion. First, I'm not sure how big of a deal this ticker is. I don't know if it will benefit from implicit support from the HL team / foundation or not, like Unit does. In any case, if we have to choose the best contender, here are my arguments. It is *clear* this coin has to be built from first principle. This coin cannot be a derivative, a complex financial instrument, or a wrapped version of an existing coin. This is because it is most likely it will serve as a margin for the native dex or a HIP-3 dex. This already eliminates a few proposals. Funding rate based stablecoins (USDe style) are out, you can't margin a perp dex with a coin that is itself dependent on the dex. Frax is out too unfortunately as this proposal would mean USDH is a wrapped frxUSD which is itself a wrapper around tokenized treasuries. This means already 2 or 3 intermediaries in the custody / collateral chain. We are left with two proposals from serious teams, Paxos and Native Market. For Paxos, it is clear they are the path forward to mainstream adoption. They have all the licensing and compliance knowledge to bring institutions on the Hyperliquid chain. Credit card settling retail payments on Hyperliquid as a Forex backend type shit. Now big players isn't always the best choice however. We don't know how Hyperliquid aligned they are. They have acquired the Hyperliquid native team behind WHLP and LHYPE but this could have been just a public image play. For Native Markets, they are the most Hyperliquid aligned / crypto native team, but their go to market will be a lot slower than Paxos. It's a tough choice, and I'm discussing it with other actors and Alphaticks delegators. If you are an Alphaticks delegator, you can link your wallet in read-only to join the delegators private chat. The votes will be based on what consensus has been reached between our delegators.