PayPal，USDH和Paxos：Defi未來的紐約分鐘

Paxos更新的USDH StableCoin提案集成了PayPal和Venmo，旨在彌合傳統的財務和挑戰。改變遊戲規則的人還是牆上的另一塊磚？

PayPal, USDH, and Paxos: A New York Minute on the Future of DeFi

PayPal，USDH和Paxos：Defi未來的紐約分鐘

The buzz around stablecoins just got a whole lot louder, thanks to Paxos' latest proposal for Hyperliquid's USDH. The headliner? A major integration with PayPal and Venmo. This could be a real turning point, so let’s break it down.

由於Paxos對Hyperliquid的USDH提出的最新提議，Stabablecoins周圍的嗡嗡聲大聲越來越大。頭條新聞？與PayPal和Venmo的主要集成。這可能是一個真正的轉折點，所以讓我們將其分解。

The Skinny on the USDH Proposal V2

USDH提案v2上的瘦

Paxos isn't just throwing another stablecoin into the ring. They're aiming for a knockout. The updated proposal, released on September 10, 2025, includes some serious upgrades:

Paxos不僅將另一個穩定的穩定幣扔進戒指。他們的目標是淘汰賽。 2025年9月10日發布的最新提案包括一些嚴重的升級：

• PayPal and Venmo Integration: We're talking access to hundreds of millions of users. USDH could be used for everything from checkout payments to peer-to-peer transfers.
• $20 Million Incentive Fund: PayPal's putting some serious skin in the game to boost the Hyperliquid ecosystem.
• Free On/Off-Ramps: Making it easier than ever for users to move between fiat and USDH.

Why This Matters

為什麼這很重要

The big deal here is the potential to bridge the gap between traditional finance and decentralized finance (DeFi). Imagine seamlessly using crypto for everyday purchases through PayPal or sending remittances via Xoom. That's the vision.

這裡的大事是彌合傳統金融與分散金融（DEFI）之間差距的潛力。想像一下，通過PayPal或通過Xoom發送匯款無縫地使用加密貨幣進行日常購買。那就是願景。

The Revenue Model: Aligned Incentives?

收入模型：一致的激勵措施？

Paxos is structuring its revenue so that they only profit when Hyperliquid succeeds. They won't earn a dime until USDH hits $1 billion in total value locked (TVL). After that, their share is capped at 5%, even if TVL soars past $5 billion. Plus, all fees are collected in HYPE tokens, keeping the value within the Hyperliquid ecosystem. Smart move, if you ask me.

Paxos正在構建其收入，以便它們只有在超流動性成功時就會獲利。直到USDH達到10億美元的總價值鎖定（TVL）之前，他們才能賺錢。此後，即使TVL飆升了50億美元，他們的份額也限制在5％。另外，所有費用均在炒作令牌中收集，並保留在超流動生態系統中的價值。明智的舉動，如果你問我。

My Two Cents: Is This the Real Deal?

我的兩分錢：這是真正的交易嗎？

Look, I've seen a lot of hype in the crypto world, but this feels different. Paxos is a regulated stablecoin issuer, and their compliance measures are a major differentiator. The PayPal integration is a game-changer. Plus, the fact that Paxos is putting its money where its mouth is with that revenue model? That speaks volumes.

看，我在加密世界中看到了很多炒作，但這感覺不同。 Paxos是受監管的穩定發行人，其合規性措施是主要的區別。貝寶集成是改變遊戲規則的人。另外，Paxos將其錢放在其嘴裡的事實中，這一事實與收入模式一樣？這說明了數量。

Of course, there are other players vying for the USDH issuer role, like Frax Finance and Agora. But Paxos' regulatory edge and PayPal partnership give them a serious advantage.

當然，還有其他玩家爭奪USDH發行人的角色，例如Frax Finance和Agora。但是Paxos的監管邊緣和PayPal合作夥伴關係給了他們一個嚴重的優勢。

The Road Ahead

前面的道路

The Hyperliquid validators will be voting on the proposal soon. If it passes, USDH could become a major player in the stablecoin market, potentially challenging the dominance of USDC and USDT.

超流動驗證者將很快對該提案進行投票。如果它過去了，USDH可能會成為Stablecoin市場的主要參與者，可能會挑戰USDC和USDT的統治地位。

The recent GENIUS Act, backing dollar-pegged stablecoins, adds more fuel to the fire. The Treasury Department expects the stablecoin market to explode in the coming years, and Paxos is positioning itself to be right in the thick of it.

最近的《天才法案》（Genius Act）支持美元的穩定穩定劑，為大火增加了更多的燃料。財政部預計，穩定市場將在未來幾年爆炸，Paxos將自己定位在其厚厚的地方。

Wrapping It Up

包裝

So, is this the future of finance? Maybe. But one thing's for sure: Paxos, PayPal, and USDH are shaking things up. Keep an eye on this space – it's gonna be a wild ride.

那麼，這是財務的未來嗎？或許。但是可以肯定的是：Paxos，PayPal和USDH正在震動。密切關注這個空間 - 這將是一個瘋狂的旅程。

Alright, folks, that's all for now. Go grab a slice of New York pizza and ponder the future of stablecoins. And remember, always do your own research before diving into the crypto pool. Peace out!

好吧，伙計們，就目前而言。去抓住一片紐約披薩，並思考Stablecoins的未來。請記住，在潛入加密池之前，請務必自己進行研究。和平！