In addition to showing how great Hyperliquid’s business model is, these USDH proposals are also just another reminder how insane Tether’s business model is Rest of the industry converging towards paying ~all yield back to distribution, while Tether is just keeping everything
paxos proposing to spend 95% of interest earned in HYPE buybacks using the current bond/cash ratio of USDC, if USDH replaces USDC in hyperliquid, that'd be an extra 191m/yr in buybacks
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