#稳定币市场竞争 It seems that the USDH scene is getting more and more lively. Several pros are getting on board, each showcasing their skills to seize the issuance rights. Paxos plays the compliance card, with a 95% profit buyback HYPE; Frax is even more aggressive, directly giving 100% of the profits to users; Agora is coming in a group, even bringing along a heavyweight like MoonPay. Even up-and-comers like Ethena can't hold back anymore, publicly calling out to Jeff on Twitter.

However, these are just superficial efforts; the key is to see who can truly create value for the Hyperliquid ecosystem. Can it bring more users and liquidity? Can it help the platform reduce risks? Can it promote the long-term appreciation of HYPE tokens? These are what the community cares about the most.

I think it doesn't matter who ultimately wins; what matters is that this competition itself has already brought huge exposure to Hyperliquid. No matter who wins in the end, USDH will definitely become the focus of the market. Now it depends on how Hyperliquid leverages this wave of hype; if operated well, it could completely use this opportunity to elevate the platform to new heights.