Hyperliquid的USDH Stablecoin：本地市場在Defi中大膽的舉動

探索USDH在超級流動性，本地市場的勝利以及對平台生態系統和更廣泛的Defi景觀的潛在影響上的推出。

Hyperliquid's USDH Stablecoin: Native Markets' Bold Move in DeFi

Hyperliquid的USDH Stablecoin：本地市場在Defi中大膽的舉動

The buzz is real! Hyperliquid's new USDH stablecoin, powered by Native Markets, is making waves. Early trading volume hit over $2 million, and everyone's watching to see how it reshapes the network. It signifies Hyperliquid's ambition to evolve into a self-sustaining financial ecosystem.

嗡嗡聲是真實的！由本地市場提供支持的Hyperliquid的新的USDH Stablecoin正在浪潮。早期交易量超過200萬美元，每個人都在關注它如何重塑網絡。它表示超流動性發展成為自我維持的金融生態系統的野心。

The Rise of USDH on Hyperliquid

USDH的興起

USDH has officially launched on Hyperliquid's HyperEVM, marking a significant step towards platform independence. Native Markets secured the win to issue Hyperliquid’s native stablecoin, beating out established players. Over $15 million USDH was pre-minted in the first 24 hours, showing strong initial interest from traders.

USDH已正式在Hyperliquid的HypereVM上啟動，這標誌著朝著平台獨立性邁出的重要一步。當地市場獲得了發行超流動性的本地stablecoin的勝利，擊敗了既定的球員。在最初的24小時內預先宣傳了超過1500萬美元，表明交易者的初始興趣強。

Native Markets: A Strategic Victory

土著市場：戰略勝利

Native Markets' victory in the stablecoin competition was unexpected. Despite offering lower revenue sharing (50%) compared to competitors (95-100%), their deep platform integration and community alignment proved decisive. This win underscores the importance of ecosystem alignment over pure financial incentives.

當地市場在Stablecoin比賽中的勝利是出乎意料的。儘管與競爭對手（95-100％）相比，其收入共享較低（50％），但他們的深層平台集成和社區一致性證明是決定性的。這場胜利強調了生態系統一致性對純財務激勵措施的重要性。

USDH's Technical Structure and Benefits

USDH的技術結構和利益

USDH operates natively on Hyperliquid’s HyperEVM network, backed by cash and short-term U.S. Treasury securities. BlackRock manages off-chain assets, while Superstate handles on-chain reserves via Stripe’s Bridge. A key feature is the dual reserve system where reserve earnings are split: half goes to HYPE token buybacks, and the other half supports ecosystem growth, creating continuous demand for HYPE.

USDH在Hyperliquid的HypereVM網絡上本地運營，並得到現金和短期美國財政證券的支持。貝萊德（Blackrock）管理鏈資產，而Sustertate通過Stripe的橋樑處理鏈儲備。一個關鍵功能是儲備金分配的雙儲備系統：一半用於炒作代幣回購，而另一半則支持生態系統的增長，從而持續炒作。

Market Impact and Potential Revenue

市場影響和潛在收入

The launch of USDH could significantly impact Hyperliquid’s economics. A complete migration from USDC to USDH could potentially generate $220 million in annual revenue for HYPE holders, based on 4% yield assumptions. Currently, USDC represents over 90% of platform deposits, with most interest earnings flowing to Circle. USDH aims to change that by capturing those yields internally.

USDH的推出可能會極大地影響超流動性的經濟學。基於4％的收益率假設，從USDC到USDH的完整遷移可能會為HYPE持有人的年收入帶來2.2億美元的收入。目前，USDC占平台存款的90％以上，大多數利息收益流向了Circle。 USDH的目的是通過內部捕獲這些收益率來改變這一點。

Challenges and Competition

挑戰和競爭

While the launch is promising, USDH faces challenges. It must compete with established stablecoins and maintain stability and user trust. Additionally, Hyperliquid faces growing competition from platforms like Aster DEX, which has even surpassed Hyperliquid in daily revenue at times. It is worth noting that Aster DEX is planning for an “Aster Chain”.

儘管發布很有希望，但USDH面臨著挑戰​​。它必須與已建立的Stablecoins競爭，並保持穩定性和用戶信任。此外，超級流動性的面臨著諸如Aster Dex之類的平台的競爭，該平台有時甚至超過了每日收入的超流動性。值得注意的是，Aster Dex正在計劃“ Aster鏈”。

Phased Rollout and Future Plans

分階段推出和未來計劃

Native Markets is implementing a phased rollout for USDH. HyperEVM integrations are underway, with plans to make USDH a quote asset on the spot market. Native minting on HyperCore will soon be available, followed by USDH-margined perpetual order books. The initial phase targeted a limited user group before opening the USDH/USDC spot pair and removing transaction limits.

本地市場正在實施USDH的分階段推出。 HypereVM集成正在進行中，併計劃使USDH成為現貨市場上的報價資產。 HyperCore上的本地鑄造很快就會出現，其次是USDH劃分的永久訂單書。初始階段針對有限的用戶組，然後打開USDH/USDC點對並刪除交易限制。

Final Thoughts

最後的想法

USDH represents more than just a new stablecoin; it's a strategic move by Hyperliquid to build a self-sufficient ecosystem. With strong backing, community support, and a clear roadmap, USDH is poised to make a significant impact. 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. Will it dethrone the reigning stablecoin champs? Only time will tell, but one thing's for sure: the game just got a whole lot more interesting! So buckle up, crypto enthusiasts, it's going to be a wild ride!

USDH不僅代表了新的Stablecoin；這是建立一個自給自足的生態系統的雜種戰略舉動。有了強烈的支持，社區支持和明確的路線圖，USDH準備產生重大影響。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。它會剝奪統治的Stablecoin冠軍嗎？只有時間會說明，但是可以肯定的是：遊戲變得更加有趣！因此，加密愛好者搭扣，這將是一次瘋狂的旅程！