Hyperliquid的USDH Stablecoin：本地市场是中心舞台

当地市场上的USDH Stablecoin在超液体上推出了一个Defi Battleground，Circle的USDC争夺主导地位。 HypereVM的新时代！

Hyperliquid's USDH Stablecoin: Native Markets Take Center Stage

Hyperliquid的USDH Stablecoin：本地市场是中心舞台

Hyperliquid's been buzzing lately with the introduction of USDH, a new stablecoin issued by Native Markets. This move has major implications for the platform and the broader DeFi landscape, setting the stage for some serious competition.

最近，Hyperliquid在引入USDH（由本地市场发行的新的Stablecoin引入）中引起了轰动。这一举动对平台和更广泛的Defi景观具有重大影响，为激烈的竞争奠定了基础。

The Rise of USDH

USDH的兴起

Native Markets snagged the win in a community-led bid to launch USDH, Hyperliquid’s very own USD stablecoin. They beat out some heavy hitters like Paxos and Frax. Native Markets emphasized reserve management across both on- and off-chain assets, with yields aimed at HYPE token buybacks and boosting USDH distribution.

本地市场以社区为主导的竞标赢得了胜利，以推出超级流动器自己的美元Stablecoin的USDH。他们击败了一些重型击球手，例如Paxos和Frax。本地市场强调了跨链和链链资产的储备管理，其收益率旨在炒作代币回购并提高USDH分配。

Circle Enters the Fray

圈子进入竞争

Not one to be left out, Circle—the folks behind USDC—quickly launched native USDC on HyperEVM. Talk about a strategic countermove! This ensures USDC remains a strong contender, especially since it's being positioned as collateral for perpetual contracts and a quote asset for spot pairs.

没有一个被排除在外的人，在USDC背后的人圈子Quiplly在HypereVM上推出了本地USDC。谈论战略性的反击！这样可以确保USDC仍然是强大的竞争者，尤其是因为它被定位为永久合同的抵押品和现货对的报价资产。

What's the Big Deal?

有什么大不了的？

Hyperliquid is handling some serious volume—around $150 billion in monthly derivatives. That makes it a prime spot for stablecoin issuers to battle it out. Circle's proactive move and USDH's arrival are intensifying competition, boosting HyperEVM's liquidity, and solidifying Hyperliquid's spot as a DeFi powerhouse.

Hyperliquid正在处理一些严重的量 - 每月衍生品1500亿美元。这使其成为Stablecoin发行人对其进行战斗的典范。 Circle的主动举动和USDH的到来正在加剧竞争，增强了HypereVM的流动性，并巩固了Hyperliquid作为Defi Powerhouse的位置。

Transparency and Governance

透明度和治理

There have been questions raised about the voting process that led to Native Markets' victory. Some folks are calling for clearer governance, emphasizing that without transparency, stablecoins risk becoming interchangeable. The upcoming Hyperliquid Improvement Proposal will be key in outlining rules for upgrades, permissions, and security.

关于导致本地市场胜利的投票过程提出了一些疑问。有些人呼吁更明确的治理，强调没有透明度，稳定的风险就可以互换。即将进行的超流动改进建议将是概述升级，权限和安全性规则的关键。

The Road Ahead

前面的道路

USDH is rolling out in stages, starting with limited testing before broader access. Meanwhile, Circle is solidifying its commitment by investing in HYPE tokens and expanding USDC to HyperCore. The coexistence of USDH and USDC on HyperEVM is setting up a high-stakes rivalry. Hyperliquid seems to be playing it neutral, but USDH's integration into governance gives it a structural edge.

USDH正在分阶段推出，从有限的测试开始，然后再进行更广泛的访问。同时，Circle通过投资炒作代币并将USDC扩大到HyperCore来巩固其承诺。 USDH和USDC在HypereVM上的共存正在建立高风险的竞争。超级流动似乎在中立，但是USDH在治理中的整合使其具有结构性优势。

Final Thoughts

最后的想法

The launch of USDH and Circle's swift response highlights Hyperliquid's growing importance in the DeFi world. It's like watching a high-stakes poker game where everyone's trying to outsmart each other. Buckle up, because this is gonna be one wild ride!

USDH和Circle的迅速响应的推出突出了超流动性在Defi世界中的重要性。这就像观看一个高风险的扑克游戏，每个人都在试图互相竞争。扣紧，因为这将是一次狂野的旅程！