X @Bankless

USDH Stablecoin Initiative - Hyperliquid aims to launch USDH to stimulate spot markets, reduce reliance on USDC, and enhance exchange efficiency [1] - USDH will reduce trading fees by 80% in select spot pairs, strengthening HyperCore [2] - A native stablecoin could recycle approximately $200 million in USDC revenue to fuel Hyperliquid's growth [2] Competitive Landscape - Three leading contenders for issuing USDH are Native Markets, Ethena, and Paxos [3] - Native Markets offers revenue splits for HYPE buybacks and growth incentives, with strong regulatory alignment [4] - Ethena Labs promises $75 million to grow USDH and partnerships with Securitize and Anchorage Digital [5] - Paxos proposes a PayPal partnership, HYPE listings on PayPal/Venmo, and $20 million in incentives [6] Hyperliquid's Market Position - Hyperliquid averages $57 billion in weekly volume and surpasses NASDAQ's revenue rate [3] - Hyperliquid accounts for 35% of blockchain revenue at times [3] - Hyperliquid is considered the world's most profitable company by revenue per employee as of August [3] Industry Impact - USDH's entry has spurred other ecosystems to consider native stablecoins to retain yield [9] - The success of USDH could extend Hyperliquid's track record and demonstrate crypto's potential [10]