Concept: The Hyperliquid Stablecoin Clearinghouse With the launch of USDH, USDC scaling on Hyperliquid, and more stables vying for liquidity on HL, we will inevitably come to face a market dynamic of stablecoin fragmentation across Hyperliquid markets, making it difficult to trade all markets (given fragmented stable collateral options) and leaving users with a choice whether to 1) accept the fee cost of constantly swapping stables or 2) stick with one stable and abandon other markets This is unideal to say the least However, a solution could lie in a Native Hyperliquid Stablecoin Clearinghouse. This entity between stables could allow for immediate swapping among approved stables with little to no cost to the end user. How would this clearinghouse generate revenue? Two initial ways: 1) Take a small fee on swaps (much smaller than the slippage a user would face if trying to sell on an exchange) or 2) Take a cut of the interest on yieldbearing stables held in custody, allowing the Clearinghouse to facilitate stablecoin swaps without any cost to the user Bring more stablecoins to Hyperliquid; the clearinghouse will be ready