Stablecoin权利隆隆声：本地市场，超流动和USDH的未来

当地市场赢得了USDH股票方面的票价，引发了关于Stablecoin商品化和本地市场兴起的辩论。

Stablecoin Rights Rumble: Native Markets, Hyperliquid, and the Future of USDH

Stablecoin权利隆隆声：本地市场，超流动和USDH的未来

The race for stablecoin supremacy is heating up! Native Markets snagged the USDH ticker on Hyperliquid, setting the stage for a new era of native stablecoins. But was the process fair? And what does it all mean for the future of digital dollars?

Stablecoin至高无上的竞赛正在加热！本地市场在超流动式上抢购了USDH股票，为本地稳定的新时代奠定了基础。但是过程是公平的吗？这对数字美元的未来意味着什么？

Native Markets Claims Victory

土著市场声称胜利

After a week-long bidding war that had the crypto world buzzing, Native Markets emerged victorious, securing the rights to issue and manage Hyperliquid's dollar stablecoin, USDH. Big names like Paxos and BitGo threw their hats in the ring, but Native Markets ultimately won out. Ethena even bowed out, citing infrastructure issues.

经过一周的竞标战争，引起了加密货币世界的嗡嗡声，本地市场赢得了胜利，确保了发行和管理超流动的Dollar Stablecoin的权利。像Paxos和Bitgo这样的大人物将帽子扔到了戒指上，但本地市场最终赢得了胜利。埃特纳甚至以基础设施问题为由鞠躬。

USDH: A New Challenger Approaches

USDH：一种新的挑战者方法

Hyperliquid's move to launch USDH signifies a desire for independence from established stablecoins like USDC and USDT. The goal? To create a native stablecoin directly on Hyperliquid's HyperEVM network. Reserves will be a mix of on-chain and traditional assets, managed by BlackRock and Superstate. The yield from these reserves will be used to buy back HYPE tokens and fuel USDH adoption.

Hyperliquid推出USDH的举动表示对从USDC和USDT等既定的Stablecoins的独立性的渴望。目标？直接在Hyperliquid的HypereVM网络上创建本机stablecoin。储备将是由贝莱德和超级巨星管理的链和传统资产的混合。这些储备金的收益率将用于回购炒作令牌并采用了USDH的采用。

A Rigged Game? Controversy Erupts

操纵游戏？争议爆发

The USDH governance vote wasn't without its critics. Haseeb Qureshi of Dragonfly Capital called the request-for-proposals process a "farce," suggesting a pre-determined outcome. But Ethena founder Guy Young defended the process, arguing that it gave newcomers a fair shot.

USDH的政府投票并非没有批评者。 Dragonfly Capital的Haseeb Qureshi称为“请求 - 诉讼”的“闹剧”，这表明预定的结果。但是Ethena创始人Young为这一过程辩护，认为这给新移民带来了公平的射门。

Stablecoins as Commodities: The Future of USD?

稳定的商品：美元的未来？

Helius CEO Mert Mumtaz believes the USDH bidding war highlights a bigger trend: stablecoins are becoming commoditized. He predicts a future where exchanges simply display "USD" balances, handling the underlying stablecoin swaps behind the scenes. Issuers are fighting tooth and nail for market share, giving exchanges leverage to demand better terms.

Helius首席执行官Mert Mumtaz认为，USDH竞标战争强调了一个更大的趋势：Stablecoins正在商品化。他预测未来，交换只是显示“美元”余额，处理幕后底层的稳定互换。发行人正在为市场份额而奋斗的牙齿和指甲，从而使交易所杠杆作用以要求更好的条件。

BlockchainFX: A Super App Enters the Fray

BlockChainFX：超级应用进入竞争

While the USDH drama unfolds, another player is making waves: BlockchainFX ($BFX). This decentralized super app aims to offer a wider range of assets than platforms like Hyperliquid, including stocks, forex, and ETFs. With a successful presale and a high-yield staking model, BlockchainFX is positioning itself as a contender in the ever-evolving crypto landscape.

当USDH戏剧展开时，另一个玩家正在挥手：BlockChainFX（$ bfx）。该分散的超级应用程序旨在提供比诸如股票，外汇和ETF等杂种等平台等平台更广泛的资产。通过成功的预售和高收益模型，BlockchainFX将自己定位为不断发展的加密景观中的竞争者。

My Take: Innovation and Competition are Good for Crypto

我的看法：创新和竞争对加密有益

The competition for stablecoin dominance is fierce, and that's a good thing! Whether it's Native Markets' victory with USDH or BlockchainFX's ambitious super app, these developments push the boundaries of what's possible in the crypto world. While concerns about rigged votes are valid, the overall trend points towards greater innovation and choice for users.

Stablecoin主导地位的竞争非常激烈，这是一件好事！无论是用USDH的胜利还是BlockchainFX雄心勃勃的超级应用程序的胜利，这些发展都会推动加密货币世界中可能的界限。尽管对经过投票的担忧是有效的，但总体趋势指向了更大的创新和对用户选择的选择。

Final Thoughts

最后的想法

So, will USDH dethrone USDC? Will stablecoins become invisible to the average user? Only time will tell. But one thing's for sure: the stablecoin saga is far from over. Grab your popcorn, folks, because the ride's just getting started!

那么，USDH DETHRONE USDC会吗？普通用户是否会看不见Stablecoins？只有时间会证明。但是可以肯定的是：Stablecoin Saga还远远没有结束。伙计们，抓住你的爆米花，因为这次旅程才刚刚开始！