#稳定币市场竞争 The competition for USDH is truly lively! Looking back at the past when the stablecoin market was dominated by only a few players, now heroes from all sides are getting on board, making it a true battlefield. Just look at the conditions offered by established players like Paxos and Frax, with interest concessions of 95% and 100%, which was unimaginable in the past. Not to mention the newcomer Native Markets has even brought in payment giant Stripe to assist.

However, upon closer inspection, each company's solution has its own merits. Paxos relies on compliance endorsements and financial networks, Frax plays the card of benefiting everyone, while Agora focuses on a neutral alliance. Ultimately, whoever can bring the maximum benefits to the Hyperliquid ecosystem has a greater chance of winning.

The direction of this grand play is likely to set the tone for the future of the entire stablecoin market. If a virtuous cycle of "returning benefits to the community and valuing the ecology" can truly be realized, that would be groundbreaking. It seems that the curtain of the stablecoin 2.0 era has already begun to rise.