Circle，USDH，Stablecoins：财务未来之战

圆形面对超液体提出了USDH的破坏，引发了与Stripe这样的潜在巨人的Stablecoin战争。财务的未来正在奋斗。

Circle, USDH, Stablecoins: The Battle for the Future of Finance

Circle，USDH，Stablecoins：财务未来之战

The stablecoin landscape is heating up, and Circle, a major player with its USDC, is facing some serious competition. Hyperliquid's proposed USDH is shaking things up, potentially impacting Circle's revenue and sparking a war for the future of finance. Buckle up, it's gonna be a wild ride!

Stablecoin景观正在升温，而拥有USDC的主要参与者Circle面临着激烈的竞争。 Hyperliquid提议的USDH正在震动事情，有可能影响Circle的收入，并为金融的未来引发战争。扣紧，这将是一次疯狂的旅程！

Hyperliquid's USDH: A Challenger Appears

Hyproliquid的USDH：挑战者出现

Hyperliquid, a decentralized exchange (DEX) making waves with its impressive transaction volume, is proposing its own native stablecoin: USDH. But here's the kicker: USDH aims to redistribute the yield generated from stablecoin reserves back to the ecosystem. This is a direct challenge to Circle's business model, which currently benefits significantly from the interest income earned on USDC reserves.

超级流动性是一种分散的交换（DEX），并以其令人印象深刻的交易量进行波浪，正在提出自己的本地稳定股份：USDH。但这是踢脚：USDH的目的是将Stablecoin储量产生的收益率重新分配回生态系统。这是Circle的业务模式的直接挑战，该模式目前从USDC储备金获得的利息收入中受益匪浅。

Currently, Hyperliquid holds $5.5 billion in stablecoins, most of it in USDC. Circle quietly collects roughly $200 million a year in yield from this. Hyperliquid wants to change this.

目前，Hyperliquid持有55亿美元的Stablecoins，其中大部分在USDC中。 Circle每年悄悄地收取大约2亿美元的收益率。 Hyperliquid想要改变这一点。

The Bidding War: Who Will Issue USDH?

竞标战：谁会发行USDH？

The prospect of issuing USDH and controlling a significant portion of the stablecoin market has triggered a fierce competition. Multiple heavyweight teams are vying for the opportunity, willing to share a large percentage of the profits with HYPE holders. Even Stripe, fresh off launching its own layer-1 blockchain, Tempo, is rumored to be preparing a bid. This pits corporate blockchains against decentralized infrastructure, head-to-head.

发行USDH并控制大部分Stablecoin市场的前景引发了激烈的竞争。多个重量级团队正在争夺这一机会，愿意与炒作持有人分享很大一部分的利润。有传言说，即使是刚推出自己的1层区块链Tempo的条纹，也正在准备出价。这使企业区块链违背​​了面对面的基础设施。

Circle's Response: Don't Believe the Hype?

Circle的回应：不相信炒作？

Circle isn't backing down. They're actively promoting USDC within Hyperliquid. However, if USDH gains traction, Circle could see a substantial hit to its revenue. This isn't just about Circle, though; it's about the broader war for payment infrastructure.

圆圈不会退缩。他们积极促进超级流动液中的USDC。但是，如果USDH获得了吸引力，Circle可能会引起其收入的重大打击。不过，这不仅仅是圆圈。这是关于付款基础设施的更广泛战争。

The Bigger Picture: A War for Payment Rails

更大的局面：付款导轨的战争

This battle between Circle and Hyperliquid represents a larger conflict: the war over the payment infrastructure of the future. We're talking about corporate chains versus decentralized rails. Banks, Visa, and Mastercard are already feeling the pressure. This showdown could be the moment crypto truly becomes the backbone of global payments.

圈子和超流动性之间的战斗代表了一个更大的冲突：未来支付基础设施的战争。我们谈论的是公司连锁店与分散轨道。银行，签证和万事达卡已经感到压力。这次摊牌可能是加密货币真正成为全球付款的骨干的那一刻。

Sei Network Integration with USDC

SEI网络与USDC集成

The Sei Network has quickly become one of the most talked-about projects in crypto. Thanks to major integrations with Circle’s USDC and MetaMask, Sei is experiencing a surge in adoption, transactions, and attention. Circle added native support for Sei in early 2025, allowing users to transact directly using USDC on Sei.

SEI网络已很快成为加密货币中最受关注的项目之一。得益于与Circle的USDC和MetAmask的重大整合，SEI正在经历收养，交易和注意力的激增。 Circle在2025年初增加了对SEI的本机支持，允许用户在SEI上直接使用USDC进行交易。

Frax Finance's Bid for USDH

Frax Finance竞标USDH

Frax Finance is also in the running to launch Hyperliquid's USDH stablecoin, emphasizing community alignment and a user-focused model. Frax’s proposal highlights a model in which 100% of Treasury yield is passed to users with zero take, contrasting with other approaches that emphasize regulatory compliance or revenue-sharing commitments.

Frax Finance还在运行启动Hypliquid的USDH Stablecoin，强调社区的一致性和以用户为中心的模型。 Frax的提案突出了一个模型，其中100％的国库收益率转移给了零采用的用户，与其他强调监管合规性或收入分享承诺的方法形成对比。

The 2025 Stablecoin Surge

2025年稳定激增

The stablecoin market has entered a transformative phase in 2025, driven by explosive retail adoption, regulatory clarity, and the emergence of blockchain networks poised to capitalize on this growth. While Tether (USDT) and Circle (USDC) dominate the stablecoin market, the networks underpinning them are also thriving.

Stablecoin市场在2025年进入了一个变革阶段，这是在爆炸性零售，监管清晰度以及有资本利用这一增长的区块链网络的推动下。束缚（USDT）和Circle（USDC）主导了Stablecoin市场，而基于它们的网络也在蓬勃发展。

My Two Satoshis

我的两个satoshis

It seems to me, that the fight for dominance in the stablecoin world is less about the coins themselves and more about who controls the underlying infrastructure. The ability to dictate transaction fees, dictate which assets are supported, and ultimately control the flow of capital is an extremely valuable position.

在我看来，在稳定世界中争取统治地位的斗争与硬币本身有关，而是关于谁控制基础设施的人。决定交易费用，决定支持哪些资产并最终控制资本流的能力是极为宝贵的地位。

The Bottom Line

底线

Whether you see this as a fight for fairness, decentralization, or simply a trillion-dollar land grab, one thing is clear: The stablecoin wars are here. And with players like Circle, Hyperliquid, and potentially even Stripe entering the fray, the future of finance is up for grabs.

无论您是将这是争取公平，权力下放的斗争，还是仅仅是一万亿美元的土地抢夺，一件事很明显：Stablecoin战争就在这里。而且，随着圆圈，超流动性甚至可能进入竞争的条纹等球员，财务的未来就可以抢夺。

So, grab some popcorn and settle in. This is gonna be good!

因此，抓住一些爆米花并安顿下来。这会很好！