# 稳定币市场竞争

#稳定币市场竞争 The crypto world has been really lively these days! The ENA project has suddenly become the focus of everyone, and even pro Arthur Hayes has invested 1 million USD. It seems this new player, Ethena, is about to stir up a storm in the stablecoin market. Their USDe stablecoin market capitalization has already surged to 13 billion USD, ranking third globally, with a fierce rise! Moreover, Mega Matrix, a listed company, is fully betting on ENA and has even declared that it aims to generate 150 million USD in revenue, which is quite ambitious. However, the competition in the stablecoin ma

#稳定币市场竞争 USDH this drama is finally coming to an end, Native Markets has taken the issuance rights with overwhelming advantage. I have to say, their strategy is clever - using half of the reserve interest for HYPE buybacks and the other half for ecological construction, this model of "returning profits to the community and valuing the ecology" is indeed attractive. Although some question the fairness of the bidding process, from the perspective of the trading platform, choosing Native Markets seems to be a wise decision. Their deep cultivation of the Hyperliquid ecology and strong team lineup

#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 fi

#稳定币市场竞争 Reflecting on the development of the stablecoin market, I can't help but feel a lot. The "yield-based" program launched by Curve Finance reminds me of the early MakerDAO CDP system. Both attempt to stabilize coin prices through innovative mechanisms, but fundamentally face the same challenge - how to maintain stability in the fluctuating crypto market.
Michael Egorov proposed to issue $60 million in crvUSD and return most of the profits to holders, which bears a resemblance to the early days of USDT. However, we must not forget that USDT has faced scrutiny due to transparency iss

#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%

#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 ecosys

#稳定币市场竞争 MetaMask has launched the stablecoin mUSD, which will undoubtedly impact the landscape of the stablecoin market. From the data perspective, mUSD has strong liquidity and incentive mechanisms on the Linea network, which helps to quickly build a user base. It is worth noting that mUSD is deeply integrated with the MetaMask ecosystem, being natively supported in Swap and Bridge, which will greatly enhance the user experience. Another key point is the low cost of fiat on-ramp, which may attract more TradFi users. However, it is still necessary to closely monitor the market acceptance and

#稳定币市场竞争 I heard that 90% of the reserves for USDC are managed by BlackRock, which is big news! The security and transparency of stablecoins are crucial, and having the backing of the largest asset management company in the world will undoubtedly boost user confidence. However, this also raises my thoughts on the degree of centralization of stablecoins. Will decentralized stablecoins become mainstream in the future? Perhaps we should seek a balance between security and decentralization. In any case, stablecoins are becoming increasingly important, and they will serve as a key bridge connectin

#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 distribut

#稳定币市场竞争 Reflecting on this competition for the issuance rights of USDH, it reminds me of the global financial regulatory shock triggered by the Libra project in 2019. At that time, governments and Central Banks around the world expressed their concerns that Libra would challenge the sovereignty of national currencies. Now, the competition in the stablecoin market has evolved from being dominated by a single entity to a fierce competition among trading platforms and ecosystems.
Institutions such as Paxos, Frax, and Agora are competing to propose, focusing on high percentage rebates and compli