Hyperliquid的USDH：與新Stablecoin賭博

Hyproliquid推出了USDH Stablecoin，這表明了朝著自力更生和挑戰USDC主導地位的大膽行動。這個下注會回報嗎？

Hyperliquid's USDH: Betting on Itself with New Stablecoin

Hyperliquid的USDH：與新Stablecoin賭博

Hyperliquid is shaking things up with its brand-new USDH stablecoin. Launched recently, USDH represents Hyperliquid's ambitious play to reduce its dependence on external stablecoin issuers like Circle (USDC) and take control of its financial destiny. It's a bold move, and the crypto world is watching closely.

超級流動的人正在用全新的USDH Stablecoin震動事情。 USDH最近推出，代表了超級流動性的雄心勃勃的遊戲，以減少其對諸如Circle（USDC）之類的外部穩定發行人的依賴，並控制其財務命運。這是一個大膽的舉動，加密世界正在密切關注。

The USDH Debut: A Promising Start

USDH的首次亮相：有希望的開始

The USDH/USDC pair went live on Hyperliquid, and early trading saw over $2 million in transactions. The token is holding its peg around $1.001 against USDC, which is a solid start. Hyperliquid's native USDH stablecoin is officially live, and traders and the community are showing strong interest. With already impressive volume, this launch represents just the first step in a broader plan to expand USDH across the Hyperliquid ecosystem.

USDH/USDC對在Hyproliquid上進行了直播，早期的交易超過200萬美元的交易。對於USDC，該令牌將其固定在1.001美元左右，這是一個可靠的開始。 Hyperliquid的本地USDH Stablecoin正式生活，商人和社區表現出濃厚的興趣。由於已經令人印象深刻的是，此發布僅代表了更廣泛的計劃，即擴展整個超流動生態系統的USDH。

Why USDH? Sovereignty and Strategy

為什麼使用USDH？主權和策略

Hyperliquid is heavily reliant on USDC, with over 90% of deposits on the platform in that stablecoin. By launching USDH, Hyperliquid aims to capture fees and yield and exert greater control over its monetary base. They want to be the masters of their own domain, financially speaking. Max Fiege, Native Market’s founder, shared that “the next stage of Hyperliquid’s ascendance will be driven by native stablecoins”, and added that USDH will lead the way and support the ecosystem every single day.

高流動性在很大程度上依賴USDC，該平台上有超過90％的沉積物。通過推出USDH，Hyproligid旨在捕獲費用，產量並對其貨幣基礎產生更大的控制權。從財務上講，他們希望成為自己領域的主人。土著市場創始人Max Fiege分享說：“超流動性的下一個階段將由本地穩定股幣驅動”，並補充說，USDH將每天引導並支持生態系統。

How USDH Works: Transparency and Buybacks

USDH的工作原理：透明和回購

USDH is backed by cash and short-dated U.S. Treasuries, with a blend of off-chain custodial management and on-chain transparency. Half of the reserve earnings go into Hyperliquid's native HYPE buybacks, which could boost the value of HYPE tokens, while the rest is earmarked for ecosystem development. According to the proposal, USDH will be issued directly on HyperEVM. The stablecoin will be fully backed by cash and U.S. Treasuries, with off-chain reserves managed by BlackRock and on-chain reserves handled by Superstate via Stripe’s Bridge.

USDH以現金和短期美國國債的支持，融合了鏈託管管理和鏈上透明度。儲備金的一半是超流動性的本地炒作回購，這可能會提高炒作令牌的價值，而其餘的則可以用於生態系統開發。根據該提案，USDH將直接在HypereVM上發行。該穩定者將得到現金和美國國庫的充分支持，由貝萊德（Blackrock）管理的鏈儲備和由超級巨星通過Stripe的橋樑處理的鏈儲備管理。

The Competition: Aster and the DEX Wars

比賽：Aster和Dex戰爭

Hyperliquid's move comes as competition in the decentralized exchange (DEX) space is heating up. Aster has even surpassed Hyperliquid in daily trading volume. This intense competition underscores the need for Hyperliquid to innovate and solidify its position. As Hyperliquid navigates its USDH rollout, it faces a market where competitors like Lighter and Aster are aggressively vying for market share. This competitive landscape emphasizes the importance of USDH in strengthening Hyperliquid's position.

隨著分散交換（DEX）空間的競爭正在加熱，超級流動性的舉動即將到來。 Aster甚至超過了每日交易量的超級流動性。這場激烈的競爭強調了超流動以創新和鞏固其位置的需求。當Hyperliquid導航其USDH推廣時，它面臨著一個市場，像Light和Aster這樣的競爭對手正在積極爭奪市場份額。這種競爭性格局強調了USDH在加強超流動性位置方面的重要性。

Looking Ahead: A Phased Rollout

展望未來：分階段推出

Hyperliquid plans a phased rollout of USDH, including HyperEVM integrations, USDH as a spot quote asset, native minting on HyperCore, and USDH-margined perpetual order books. There is already more than $15 million USDH pre-minted over the past 24 hours. The USDH / USDC spot order book is open on HyperCore.

Hyperliquid計劃分階段推出USDH，包括HypereVM集成，USDH作為現貨報價資產，HyperCore上的本機鑄造以及USDH-Margined永久訂單。在過去的24小時內，已經預先塗滿了超過1500萬美元的USDH。 USDH / USDC現貨訂單簿在HyperCore上開放。

My Take: A Smart Gamble?

我的看法：聰明的賭博？

Hyperliquid's USDH play is a calculated risk. It's a bid for greater autonomy and financial control, but it also puts them in direct competition with established stablecoins like USDC. The success of USDH will depend on its stability, adoption, and the overall growth of the Hyperliquid ecosystem. Given the increasing regulatory clarity around stablecoins and their critical role in the crypto market, now might be the perfect time for Hyperliquid to make this move. Plus, with Native Markets sharing that, consistent with the proposed aligned stablecoin framework, its contribution to the Assistance Fund will begin accruing from today. The team noted that $0.50 from every dollar earned by USDH reserves will support the fund, while the rest will be used to grow USDH. It's like getting paid to bet on yourself!

Hyperliquid的USDH遊戲是一個計算出的風險。這是為了獲得更大的自主權和財務控制的出價，但也使他們與USDC這樣的已建立的Stablecoins進行了直接競爭。 USDH的成功將取決於其穩定性，採用和超流動生態系統的整體增長。鑑於穩定蛋白周圍的監管清晰度及其在加密貨幣市場中的關鍵作用越來越明顯，現在可能是超級流動性做出這一舉動的最佳時機。另外，隨著本地市場共享，這與擬議的一致性Stablecoin框架一致，因此從今天開始，其對援助基金的貢獻將開始產生。該團隊指出，USDH儲備金每收入的每一美元的0.50美元將支持該基金，而其餘的將用於增加USDH。這就像要押注自己！

So, will Hyperliquid's bet on itself pay off? Only time will tell. But one thing's for sure: the launch of USDH has definitely made things a lot more interesting in the DeFi world. Stay tuned, folks, because this is one crypto saga we'll be following closely!

那麼，超流動性的賭注會得到回報嗎？只有時間會證明。但是可以肯定的是：USDH的發布肯定使事情在Defi世界中變得更加有趣。眾所周知，伙計們，因為這是一個我們將密切關注的加密傳奇！