USDH，Stablecoins和Hyproliquid：Defi競爭的新時代

探索USDH在超流動性上的興起，加劇的Stablecoin競爭以及對Defi的未來意味著什麼。獲取內部勺子！

USDH, Stablecoins, and Hyperliquid: A New Era of DeFi Competition

USDH，Stablecoins和Hyproliquid：Defi競爭的新時代

The stablecoin landscape is heating up! Hyperliquid's USDH is shaking things up. Here's the lowdown on USDH, the stablecoin wars, and what it all means.

Stablecoin景觀正在加熱！ Hyperliquid的USDH正在搖動。這是USDH，Stablecoin Wars的最低點以及這一切的含義。

USDH Arrives on Hyperliquid: A Game Changer?

USDH到達Hyproliquid：改變遊戲規則的人？

Hyperliquid launched its native stablecoin, USDH, on September 23rd, and it's already making waves. Native Markets won a governance vote, beating out big names like Paxos and Ethena Labs, to issue USDH on the decentralized exchange. Early trading volume hit $2.2 million, and over $15 million in pre-minted tokens were ready for distribution. The launch shows Hyperliquid's ambition to control its stablecoin future.

Hyproliquid於9月23日推出了其本地Stablecoin USDH，並且已經在引起轟動。當地市場贏得了治理投票，擊敗了Paxos和Ethena Labs等知名人士，並在分散的交易所發行了USDH。早期交易量達到了220萬美元，預先蒙上的代幣已準備好進行分發。該發布顯示了超流動性控制其穩定未來的野心。

Stablecoin Competition Intensifies

Stablecoin競爭加劇了

USDH's arrival is part of a bigger trend: trading platforms want to be less reliant on external stablecoin issuers and grab some of that sweet reserve yield revenue for themselves. While Tether's USDT still dominates the market, with a massive $173.05 billion in circulation, native stablecoins like USDH are carving out their niche by focusing on ecosystem integration. Think of it as a specialized approach versus the cross-chain ubiquity of the giants.

USDH的到來是一個更大趨勢的一部分：交易平台希望減少對外部穩定發行人的依賴，並為自己獲得一些甜蜜的儲備收益收入。儘管Tether的USDT仍在市場上佔據主導地位，而流通量為1730.5億美元，但像USDH這樣的本地Stablecoins通過專注於生態系統整合來衡量其利基市場。將其視為一種專業方法，而不是巨人的跨鏈普遍存在。

Hyperliquid's HYPE and Future Growth

超流動性的炒作和未來的增長

Amidst all this, DBA Asset Management proposed cutting Hyperliquid’s HYPE supply by 45% to make it easier to value. This move aims to address market misvaluation caused by unissued tokens. While some investors support this, seeing it as investor-friendly, others worry about losing a powerful growth tool. This is happening as Hyperliquid is making a name for itself, generating $106 million in revenue during August 2025. Looks like they are well-positioned to make a splash.

在這一切之後，DBA資產管理提議將超流動性的炒作供應減少45％，以使其更容易估算。此舉旨在解決由未發行的代幣引起的市場差異。儘管一些投資者支持這一點，但將其視為投資者友好，而另一些投資者則擔心失去強大的增長工具。這是因為Hyperliquid在2025年8月的收入中創造了1.06億美元的收入。

My Take: Hyperliquid's Bold Move

我的看法：超級流動的大膽舉動

Here's my two cents: Hyperliquid is playing chess, not checkers. By launching USDH and streamlining HYPE, they're building a more self-sufficient and attractive platform. The stablecoin landscape is evolving, and Hyperliquid is positioning itself to be a major player. While USDH is backed by traditional assets like U.S. Treasury holdings managed by BlackRock, Hyperliquid is also directing 50% of its reserve yield toward its Assistance Fund and ecosystem development. It shows a commitment to the community and long-term growth.

這是我的兩分錢：超級流動性是下棋，而不是檢查員。通過推出USDH和精簡炒作，他們正在建立一個更加自給自足和有吸引力的平台。 Stablecoin景觀正在發展，而超流動的景觀將自己定位為主要參與者。儘管USDH得到了由BlackRock管理的美國財政部持有的傳統資產的支持，但Hyproliquid還將其儲備收益的50％引導到其援助基金和生態系統開發方面。它顯示了對社區和長期增長的承諾。

The Road Ahead

前面的道路

The success of USDH and Hyperliquid depends on a few things. First, Hyperliquid needs to keep growing and attracting users. Second, the regulatory landscape needs to become clearer. With projections suggesting the sector could reach over $2 trillion by 2030, there's plenty of room for multiple players.

USDH和超流動性的成功取決於一些事情。首先，超流動需要繼續增長和吸引用戶。其次，監管景觀需要變得更加清晰。預測表明該行業到2030年可能會達到2萬億美元，因此有足夠的空間適合多個玩家。

So, what's the takeaway? Hyperliquid's USDH is a bold move in the ever-evolving world of DeFi. Keep an eye on this space – it's gonna be wild!

那麼，收穫是什麼？ Hyperliquid的USDH是不斷發展的Defi世界中的大膽舉動。請密切關注這個空間 - 它將是狂野的！