Why did Hyperliquid stablecoin USDH trigger a melee in industry giants? | USDH USDT USDC USD1 Stablecoin War

Hyperliquid stablecoin USDH has triggered a competition for industry issuance rights. Recently, Hyperliquid stablecoin USDH has become the focus of the industry. Three major stablecoin issuers compete with two ecological teams for their issuance rights. The voting results will be announced on September 14. Hyperliquid has become a "hot commodity" with strong strength. Its revenue in August was US$106 million (23% month-on-month increase), and the monthly contract trading volume was nearly US$400 billion, and the DEX Perp market accounted for about 70%. On September 5, the official announced the release of the USDH code through on-chain voting to create a compliant native stablecoin. The selected team must participate in the spot deployment Gas auction, and it is clear that the proposal must be submitted before 10:00 UTC on September 10. The verifier made a statement on the 11th and voted on the 14th. Among the current five proposals, Paxos focuses on compliance (compliant with US and European regulation), attracting more than ten partners, 95% reserve interest to repurchase HYPE, but there is a risk of review; Frax supports frxUSD 1:1, zero fees, cross-chain, and all interest is given to users, but it is questioned for its cooperation with Luna UST; Agora is backed by VanEck, cooperates with Rain and LayerZero, promising 100% of its revenue to the ecosystem, but the details are insufficient; Native Markets emphasizes localization, the person in charge has a high reputation in the community and has good support; Konelia's proposal is coldly treated for its reliance on short-term US Treasury yields and emphasizes MEV protection. USDC issuer Circle felt much pressure. CEO Jeremy Allaire emphasized the advantages of USDC, but its native USDC has not been launched on Hyperliquid for a long time. Ethena Labs also said that it had issued a proposal to him without a response. The core of the giants' competition is Hyperliquid's distribution channel, and its hundreds of thousands of high-frequency trading users can bring stablecoin increments. The community pays attention to the situation of income feeding back to HYPE. It is predicted that USDH may bring US$220 million potential annual revenue to Hyperliquid. If the stablecoin market reaches US$10 trillion in 2028, HYPE prospects are promising. At the same time, HYPE pledge users are reminded to pay attention to the node voting statements to avoid missing the entrustment. [Note⚠️, cryptocurrencies are high-risk investments, and you may lose all your principal. If you don’t understand, it is recommended not to participate. This video does not have any investment advice, it is only used as information sharing]