Hyperliquid的USDH：与新Stablecoin赌博

Hyproliquid推出了USDH Stablecoin，这表明了朝着自力更生和挑战USDC主导地位的大胆行动。这个下注会回报吗？

Hyperliquid's USDH: Betting on Itself with New Stablecoin

Hyperliquid的USDH：与新Stablecoin赌博

Hyperliquid is shaking things up with its brand-new USDH stablecoin. Launched recently, USDH represents Hyperliquid's ambitious play to reduce its dependence on external stablecoin issuers like Circle (USDC) and take control of its financial destiny. It's a bold move, and the crypto world is watching closely.

超级流动的人正在用全新的USDH Stablecoin震动事情。 USDH最近推出，代表了超级流动性的雄心勃勃的游戏，以减少其对诸如Circle（USDC）之类的外部稳定发行人的依赖，并控制其财务命运。这是一个大胆的举动，加密世界正在密切关注。

The USDH Debut: A Promising Start

USDH的首次亮相：有希望的开始

The USDH/USDC pair went live on Hyperliquid, and early trading saw over $2 million in transactions. The token is holding its peg around $1.001 against USDC, which is a solid start. Hyperliquid's native USDH stablecoin is officially live, and traders and the community are showing strong interest. With already impressive volume, this launch represents just the first step in a broader plan to expand USDH across the Hyperliquid ecosystem.

USDH/USDC对在Hyproliquid上进行了直播，早期的交易超过200万美元的交易。对于USDC，该令牌将其固定在1.001美元左右，这是一个可靠的开始。 Hyperliquid的本地USDH Stablecoin正式生活，商人和社区表现出浓厚的兴趣。由于已经令人印象深刻的是，此发布仅代表了更广泛的计划，即扩展整个超流动生态系统的USDH。

Why USDH? Sovereignty and Strategy

为什么使用USDH？主权和策略

Hyperliquid is heavily reliant on USDC, with over 90% of deposits on the platform in that stablecoin. By launching USDH, Hyperliquid aims to capture fees and yield and exert greater control over its monetary base. They want to be the masters of their own domain, financially speaking. Max Fiege, Native Market’s founder, shared that “the next stage of Hyperliquid’s ascendance will be driven by native stablecoins”, and added that USDH will lead the way and support the ecosystem every single day.

高流动性在很大程度上依赖USDC，该平台上有超过90％的沉积物。通过推出USDH，Hyproligid旨在捕获费用，产量并对其货币基础产生更大的控制权。从财务上讲，他们希望成为自己领域的主人。土著市场创始人Max Fiege分享说：“超流动性的下一个阶段将由本地稳定股币驱动”，并补充说，USDH将每天引导并支持生态系统。

How USDH Works: Transparency and Buybacks

USDH的工作原理：透明和回购

USDH is backed by cash and short-dated U.S. Treasuries, with a blend of off-chain custodial management and on-chain transparency. Half of the reserve earnings go into Hyperliquid's native HYPE buybacks, which could boost the value of HYPE tokens, while the rest is earmarked for ecosystem development. According to the proposal, USDH will be issued directly on HyperEVM. The stablecoin will be fully backed by cash and U.S. Treasuries, with off-chain reserves managed by BlackRock and on-chain reserves handled by Superstate via Stripe’s Bridge.

USDH以现金和短期美国国债的支持，融合了链托管管理和链上透明度。储备金的一半是超流动性的本地炒作回购，这可能会提高炒作令牌的价值，而其余的则可以用于生态系统开发。根据该提案，USDH将直接在HypereVM上发行。该稳定者将得到现金和美国国库的充分支持，由贝莱德（Blackrock）管理的链储备和由超级巨星通过Stripe的桥梁处理的链储备管理。

The Competition: Aster and the DEX Wars

比赛：Aster和Dex战争

Hyperliquid's move comes as competition in the decentralized exchange (DEX) space is heating up. Aster has even surpassed Hyperliquid in daily trading volume. This intense competition underscores the need for Hyperliquid to innovate and solidify its position. As Hyperliquid navigates its USDH rollout, it faces a market where competitors like Lighter and Aster are aggressively vying for market share. This competitive landscape emphasizes the importance of USDH in strengthening Hyperliquid's position.

随着分散交换（DEX）空间的竞争正在加热，超级流动性的举动即将到来。 Aster甚至超过了每日交易量的超级流动性。这场激烈的竞争强调了超流动以创新和巩固其位置的需求。当Hyperliquid导航其USDH推广时，它面临着一个市场，像Light和Aster这样的竞争对手正在积极争夺市场份额。这种竞争性格局强调了USDH在加强超流动性位置方面的重要性。

Looking Ahead: A Phased Rollout

展望未来：分阶段推出

Hyperliquid plans a phased rollout of USDH, including HyperEVM integrations, USDH as a spot quote asset, native minting on HyperCore, and USDH-margined perpetual order books. There is already more than $15 million USDH pre-minted over the past 24 hours. The USDH / USDC spot order book is open on HyperCore.

Hyperliquid计划分阶段推出USDH，包括HypereVM集成，USDH作为现货报价资产，HyperCore上的本机铸造以及USDH-Margined永久订单。在过去的24小时内，已经预先涂满了超过1500万美元的USDH。 USDH / USDC现货订单簿在HyperCore上开放。

My Take: A Smart Gamble?

我的看法：聪明的赌博？

Hyperliquid's USDH play is a calculated risk. It's a bid for greater autonomy and financial control, but it also puts them in direct competition with established stablecoins like USDC. The success of USDH will depend on its stability, adoption, and the overall growth of the Hyperliquid ecosystem. Given the increasing regulatory clarity around stablecoins and their critical role in the crypto market, now might be the perfect time for Hyperliquid to make this move. Plus, with Native Markets sharing that, consistent with the proposed aligned stablecoin framework, its contribution to the Assistance Fund will begin accruing from today. 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. It's like getting paid to bet on yourself!

Hyperliquid的USDH游戏是一个计算出的风险。这是为了获得更大的自主权和财务控制的出价，但也使他们与USDC这样的已建立的Stablecoins进行了直接竞争。 USDH的成功将取决于其稳定性，采用和超流动生态系统的整体增长。鉴于稳定蛋白周围的监管清晰度及其在加密货币市场中的关键作用越来越明显，现在可能是超级流动性做出这一举动的最佳时机。另外，随着本地市场共享，这与拟议的一致性Stablecoin框架一致，因此从今天开始，其对援助基金的贡献将开始产生。该团队指出，USDH储备金每收入的每一美元的0.50美元将支持该基金，而其余的将用于增加USDH。这就像要押注自己！

So, will Hyperliquid's bet on itself pay off? Only time will tell. But one thing's for sure: the launch of USDH has definitely made things a lot more interesting in the DeFi world. Stay tuned, folks, because this is one crypto saga we'll be following closely!

那么，超流动性的赌注会得到回报吗？只有时间会证明。但是可以肯定的是：USDH的发布肯定使事情在Defi世界中变得更加有趣。众所周知，伙计们，因为这是一个我们将密切关注的加密传奇！