jakiro
Author: Ye Su, Source: X, @allen_su1024
Last Friday, Hyperliquid lost a big move on Discord:USDH stablecoin.
As we all know, the market has already despised stablecoin.
but!This time it’s different,HL is trying to cash out the idle USD 5.4 billion to repurchase and allocate HYPE.
Simply put, there are only two things:
1. Feed the stablecoin interest rate spread to the platform coins.There is 5.4 billion USDC lying in the bridge, and the annual interest rate alone is 360 million US dollars.USDH will directly turn this money into HYPE repurchase and distribution.
2. Reclaim sovereign credit.Circle’s USDC can freeze the address, and the right to mint coins is not in your own hands.The logic of USDH is to firmly pull issuance and control back to HL.
This time, USDH’s public bidding is also a stage for top players in various stablecoins.Currently, five companies:
Paxos: Compliance veteran.With his back on PayPal/Venmo/Robinhood, he promised to buy back HYPE with 95% of his income, leaving only a little bit of it himself.Supervision support + institutional channels;
Frax Finance: DeFi faction, the most radical way of playing.The latest plan directly handed over the governance of USDH to HYPE for voting, and the underlying income will be returned 100%, leaving no profits, and being completely community-oriented;
withAUSD (Rain× LayerZero Labs): Alliance party.The design is a 100% income repurchase of HYPE, but the custody is handed over to State Street and the management is handed over to VanEck. There is also a liquidity of US$10 million on the first day;
Ethena Labs: Financial Engineering School.I didn’t rush to show my trump card, but the market understands their combination of derivatives + stablecoins.USDe + USDH, if it runs through, it can solve the problem of hedging and profit capture;
Native Markets: Ecological dark horse.The founder is the team of Max Lader, former COO of Uniswap, who helped incubate Hyperion.Half of the income is given to the Eco Fund and half is used for USDH growth (incentives front-line applications, HIP-3 market, HyperEVM project promotion adoption).
This bid is not a product PK, but a dispute over institutional routes:
Compliance vs Community vs Alliance vs Financial Engineering vs Dark Horse
Whoever wins will determine the future narrative of HL.
Just imagine, once the coin price flywheel is completed, the various tracks will be imitated, and a new track may be created:SBGT (Stable-backed Governance Token).
– In the past, the currency circles mostly relied on speculation, so it doesn’t matter whether the product is good or not;
– Even if there are really high usage rates and real users, the value is difficult to transmit to the currency price.
What is special about USDH is that it can directly link protocol usage to token prices.Once successful, other projects will definitely follow up, which may set off a “de-bubble” trend for crypto.
