Last Friday, @HyperliquidX dropped a big bomb on Discord: the USDH stablecoin. As we all know, the market has already demystified stablecoins. But! This time it's different. HL is trying to monetize the idle 5.4 billion USDC for buybacks and distribution of $hype. In simple terms, there are two things: 1. Feed the stablecoin interest back to the platform token. There are 5.4 billion USDC lying in the bridge, and the annual interest alone is 360 million dollars. USDH will directly convert this money into HYPE for buybacks and distribution. 2. Reclaim sovereign credit. The USDC from @circle can freeze addresses, and the minting power is not in their hands. The logic of USDH is to firmly pull back the issuance and control rights to HL. This public bidding for USDH is also a stage for top players in the stablecoin space. Currently, there are five: @Paxos: The compliance veteran. Backed by @PayPal / @Venmo / @RobinhoodApp, they promise to use 95% of the profits for HYPE buybacks,...
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