PayPal，USDH和Paxos：Defi未来的纽约分钟

Paxos更新的USDH StableCoin提案集成了PayPal和Venmo，旨在弥合传统的财务和挑战。改变游戏规则的人还是墙上的另一块砖？

PayPal, USDH, and Paxos: A New York Minute on the Future of DeFi

PayPal，USDH和Paxos：Defi未来的纽约分钟

The buzz around stablecoins just got a whole lot louder, thanks to Paxos' latest proposal for Hyperliquid's USDH. The headliner? A major integration with PayPal and Venmo. This could be a real turning point, so let’s break it down.

由于Paxos对Hyperliquid的USDH提出的最新提议，Stabablecoins周围的嗡嗡声大声越来越大。头条新闻？与PayPal和Venmo的主要集成。这可能是一个真正的转折点，所以让我们将其分解。

The Skinny on the USDH Proposal V2

USDH提案v2上的瘦

Paxos isn't just throwing another stablecoin into the ring. They're aiming for a knockout. The updated proposal, released on September 10, 2025, includes some serious upgrades:

Paxos不仅将另一个稳定的稳定币扔进戒指。他们的目标是淘汰赛。 2025年9月10日发布的最新提案包括一些严重的升级：

• PayPal and Venmo Integration: We're talking access to hundreds of millions of users. USDH could be used for everything from checkout payments to peer-to-peer transfers.
• $20 Million Incentive Fund: PayPal's putting some serious skin in the game to boost the Hyperliquid ecosystem.
• Free On/Off-Ramps: Making it easier than ever for users to move between fiat and USDH.

Why This Matters

为什么这很重要

The big deal here is the potential to bridge the gap between traditional finance and decentralized finance (DeFi). Imagine seamlessly using crypto for everyday purchases through PayPal or sending remittances via Xoom. That's the vision.

这里的大事是弥合传统金融与分散金融（DEFI）之间差距的潜力。想象一下，通过PayPal或通过Xoom发送汇款无缝地使用加密货币进行日常购买。那就是愿景。

The Revenue Model: Aligned Incentives?

收入模型：一致的激励措施？

Paxos is structuring its revenue so that they only profit when Hyperliquid succeeds. They won't earn a dime until USDH hits $1 billion in total value locked (TVL). After that, their share is capped at 5%, even if TVL soars past $5 billion. Plus, all fees are collected in HYPE tokens, keeping the value within the Hyperliquid ecosystem. Smart move, if you ask me.

Paxos正在构建其收入，以便它们只有在超流动性成功时就会获利。直到USDH达到10亿美元的总价值锁定（TVL）之前，他们才能赚钱。此后，即使TVL飙升了50亿美元，他们的份额也限制在5％。另外，所有费用均在炒作令牌中收集，并保留在超流动生态系统中的价值。明智的举动，如果你问我。

My Two Cents: Is This the Real Deal?

我的两分钱：这是真正的交易吗？

Look, I've seen a lot of hype in the crypto world, but this feels different. Paxos is a regulated stablecoin issuer, and their compliance measures are a major differentiator. The PayPal integration is a game-changer. Plus, the fact that Paxos is putting its money where its mouth is with that revenue model? That speaks volumes.

看，我在加密世界中看到了很多炒作，但这感觉不同。 Paxos是受监管的稳定发行人，其合规性措施是主要的区别。贝宝集成是改变游戏规则的人。另外，Paxos将其钱放在其嘴里的事实中，这一事实与收入模式一样？这说明了数量。

Of course, there are other players vying for the USDH issuer role, like Frax Finance and Agora. But Paxos' regulatory edge and PayPal partnership give them a serious advantage.

当然，还有其他玩家争夺USDH发行人的角色，例如Frax Finance和Agora。但是Paxos的监管边缘和PayPal合作伙伴关系给了他们一个严重的优势。

The Road Ahead

前面的道路

The Hyperliquid validators will be voting on the proposal soon. If it passes, USDH could become a major player in the stablecoin market, potentially challenging the dominance of USDC and USDT.

超流动验证者将很快对该提案进行投票。如果它过去了，USDH可能会成为Stablecoin市场的主要参与者，可能会挑战USDC和USDT的统治地位。

The recent GENIUS Act, backing dollar-pegged stablecoins, adds more fuel to the fire. The Treasury Department expects the stablecoin market to explode in the coming years, and Paxos is positioning itself to be right in the thick of it.

最近的《天才法案》（Genius Act）支持美元的稳定稳定剂，为大火增加了更多的燃料。财政部预计，稳定市场将在未来几年爆炸，Paxos将自己定位在其厚厚的地方。

Wrapping It Up

包装

So, is this the future of finance? Maybe. But one thing's for sure: Paxos, PayPal, and USDH are shaking things up. Keep an eye on this space – it's gonna be a wild ride.

那么，这是财务的未来吗？或许。但是可以肯定的是：Paxos，PayPal和USDH正在震动。密切关注这个空间 - 这将是一个疯狂的旅程。

Alright, folks, that's all for now. Go grab a slice of New York pizza and ponder the future of stablecoins. And remember, always do your own research before diving into the crypto pool. Peace out!

好吧，伙计们，就目前而言。去抓住一片纽约披萨，并思考Stablecoins的未来。请记住，在潜入加密池之前，请务必自己进行研究。和平！