#稳定币市场竞争 The battle for the issuance rights of USDH is truly spectacular. Major institutions are pulling out all the stops, competing to offer big packages. Paxos, Frax, Agora, and others are desperately showcasing their advantages, promising to return as much as 95% or even 100% of the profits to the Hyperliquid ecosystem. It seems that the competition in the stablecoin sector has intensified to this extent, as everyone is trying to capture market share in the emerging DEX.

However, upon careful analysis, I find Frax's solution to be the most attractive. It promises to directly distribute 100% of the underlying revenue to users through an on-chain programmatic method, which offers the highest level of transparency and decentralization. In contrast, although Paxos has a strong compliance background, the execution details of its 95% buyback model are still not clear enough.

Regardless of who ultimately prevails, this competition heralds the arrival of the stablecoin 2.0 era. The issuers are willing to forgo almost all profits in exchange for scenario distribution, something that was unimaginable in the past. If USDH successfully verifies the positive cycle of "returning profits to the community and value nourishing the ecosystem," other platforms will likely follow suit. In the future, we may see more similar innovative stablecoin models emerge.