Stablecoin權利隆隆聲：本地市場，超流動和USDH的未來

當地市場贏得了USDH股票方面的票價，引發了關於Stablecoin商品化和本地市場興起的辯論。

Stablecoin Rights Rumble: Native Markets, Hyperliquid, and the Future of USDH

Stablecoin權利隆隆聲：本地市場，超流動和USDH的未來

The race for stablecoin supremacy is heating up! Native Markets snagged the USDH ticker on Hyperliquid, setting the stage for a new era of native stablecoins. But was the process fair? And what does it all mean for the future of digital dollars?

Stablecoin至高無上的競賽正在加熱！本地市場在超流動式上搶購了USDH股票，為本地穩定的新時代奠定了基礎。但是過程是公平的嗎？這對數字美元的未來意味著什麼？

Native Markets Claims Victory

土著市場聲稱勝利

After a week-long bidding war that had the crypto world buzzing, Native Markets emerged victorious, securing the rights to issue and manage Hyperliquid's dollar stablecoin, USDH. Big names like Paxos and BitGo threw their hats in the ring, but Native Markets ultimately won out. Ethena even bowed out, citing infrastructure issues.

經過一周的競標戰爭，引起了加密貨幣世界的嗡嗡聲，本地市場贏得了勝利，確保了發行和管理超流動的Dollar Stablecoin的權利。像Paxos和Bitgo這樣的大人物將帽子扔到了戒指上，但本地市場最終贏得了勝利。埃特納甚至以基礎設施問題為由鞠躬。

USDH: A New Challenger Approaches

USDH：一種新的挑戰者方法

Hyperliquid's move to launch USDH signifies a desire for independence from established stablecoins like USDC and USDT. The goal? To create a native stablecoin directly on Hyperliquid's HyperEVM network. Reserves will be a mix of on-chain and traditional assets, managed by BlackRock and Superstate. The yield from these reserves will be used to buy back HYPE tokens and fuel USDH adoption.

Hyperliquid推出USDH的舉動表示對從USDC和USDT等既定的Stablecoins的獨立性的渴望。目標？直接在Hyperliquid的HypereVM網絡上創建本機stablecoin。儲備將是由貝萊德和超級巨星管理的鍊和傳統資產的混合。這些儲備金的收益率將用於回購炒作令牌並採用了USDH的採用。

A Rigged Game? Controversy Erupts

操縱遊戲？爭議爆發

The USDH governance vote wasn't without its critics. Haseeb Qureshi of Dragonfly Capital called the request-for-proposals process a "farce," suggesting a pre-determined outcome. But Ethena founder Guy Young defended the process, arguing that it gave newcomers a fair shot.

USDH的政府投票並非沒有批評者。 Dragonfly Capital的Haseeb Qureshi稱為“請求 - 訴訟”的“鬧劇”，這表明預定的結果。但是Ethena創始人Young為這一過程辯護，認為這給新移民帶來了公平的射門。

Stablecoins as Commodities: The Future of USD?

穩定的商品：美元的未來？

Helius CEO Mert Mumtaz believes the USDH bidding war highlights a bigger trend: stablecoins are becoming commoditized. He predicts a future where exchanges simply display "USD" balances, handling the underlying stablecoin swaps behind the scenes. Issuers are fighting tooth and nail for market share, giving exchanges leverage to demand better terms.

Helius首席執行官Mert Mumtaz認為，USDH競標戰爭強調了一個更大的趨勢：Stablecoins正在商品化。他預測未來，交換只是顯示“美元”餘額，處理幕後底層的穩定互換。發行人正在為市場份額而奮鬥的牙齒和指甲，從而使交易所槓桿作用以要求更好的條件。

BlockchainFX: A Super App Enters the Fray

BlockChainFX：超級應用進入競爭

While the USDH drama unfolds, another player is making waves: BlockchainFX ($BFX). This decentralized super app aims to offer a wider range of assets than platforms like Hyperliquid, including stocks, forex, and ETFs. With a successful presale and a high-yield staking model, BlockchainFX is positioning itself as a contender in the ever-evolving crypto landscape.

當USDH戲劇展開時，另一個玩家正在揮手：BlockChainFX（$ bfx）。該分散的超級應用程序旨在提供比諸如股票，外彙和ETF等雜種等平台等平台更廣泛的資產。通過成功的預售和高收益模型，BlockchainFX將自己定位為不斷發展的加密景觀中的競爭者。

My Take: Innovation and Competition are Good for Crypto

我的看法：創新和競爭對加密有益

The competition for stablecoin dominance is fierce, and that's a good thing! Whether it's Native Markets' victory with USDH or BlockchainFX's ambitious super app, these developments push the boundaries of what's possible in the crypto world. While concerns about rigged votes are valid, the overall trend points towards greater innovation and choice for users.

Stablecoin主導地位的競爭非常激烈，這是一件好事！無論是用USDH的勝利還是BlockchainFX雄心勃勃的超級應用程序的勝利，這些發展都會推動加密貨幣世界中可能的界限。儘管對經過投票的擔憂是有效的，但總體趨勢指向了更大的創新和對用戶選擇的選擇。

Final Thoughts

最後的想法

So, will USDH dethrone USDC? Will stablecoins become invisible to the average user? Only time will tell. But one thing's for sure: the stablecoin saga is far from over. Grab your popcorn, folks, because the ride's just getting started!

那麼，USDH DETHRONE USDC會嗎？普通用戶是否會看不見Stablecoins？只有時間會證明。但是可以肯定的是：Stablecoin Saga還遠遠沒有結束。伙計們，抓住你的爆米花，因為這次旅程才剛剛開始！