USDH proposals have a lot of moving parts so best to simplify what we are looking for before the upcoming vote. For the long term growth of Hyperliquid we want our native stablecoin to do two things: 1. Maximize distribution of USDH (i.e. # of spot/perp markets, DeFi applications, and payment use cases that utilize USDH) 2. Maximize yield on USDH that is returned to the protocol (i.e. buybacks) All the other bells and whistles of these proposals can be safely ignored. Distribution A critical element of distribution is to have deep liquidity. That means you can move in and out of USDH in size, ideally from day one. This is a cold start problem but some issuers propose to solve it. The second component of distribution is the go-to-market plan for how to expand usage of USDH. The obvious dimensions to expand are HyperCore markets, HIP-3 markets, HyperEVM DeFi apps, cross-chain/off-chain/RWAs, and payments. Liquidity and usage bolster one another, but ultimately usage in applications...
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