#稳定币市场竞争 analyzed the bidding situation of the USDH stablecoin; several participants have put forward very sincere proposals. Paxos focuses on compliance and buyback, Frax promises 100% profit return, Agora forms an alliance to provide comprehensive services, while Native Markets emphasizes localization advantages. Overall, all parties are vying to offer benefits to the Hyperliquid ecosystem, reflecting the immense value of the current stablecoin issuance rights.

According to the data, nearly 6 billion USD stablecoins have been locked on the Hyperliquid chain. At an annual interest rate of 4%, this can generate over 200 million USD in interest income each year. Who can grab this piece of cake not only signifies a huge market share but also concerns the control over this potential revenue.

This competition has gone beyond mere institutional games; it is more like a test of the evolutionary direction of the current stablecoin model in the cryptocurrency market. Regardless of who ultimately prevails, it indicates that the stablecoin industry is moving from dominance by a few players to a new stage where various platforms and ecosystems are competing fiercely. Continuous attention to subsequent developments is warranted.