Apps on @ethereum host ~$355B in user assetsETH trades at a ~1.44x multiple of its ecosystem TVLTop 5 sectors & apps by TVL:1) stablecoins, lending, liquid staking, DEXs & RWAs2) Tether, Aave, Circle, Lido & EigenLayer https://t.co/WyYlEkus2y ...

Circle Internet, (CRCL) is examining ways of reversing transactions involving its stablecoin, USDC, the Financial Times (FT) reported on Thursday. The issuer of the second-largest stablecoin is "thinking through ... whether or not there's the possibility of reversibility of transactions," the company's president, Heath Tarbert, said in an interview with the newspaper. Stablecoins, tokens pegged to the value of a traditional financial (TradFi) asset such as a fiat currency, are an important cog in the cry ...

Core Insights - Hyperliquid has selected Native Markets as the issuer of the new USDH stablecoin, marking a significant development in the $160 billion stablecoin sector [2][5] - Native Markets is backed by notable figures from the finance and crypto industries, including former executives from Uniswap Labs and BlackRock [3][4] - The revenue-sharing model proposed by Native Markets aims to distribute 100% of stablecoin revenues to Hyperliquid users, contrasting with Circle's current model that does not share revenues [5][6] Company Developments - The decision to partner with Native Markets was finalized on September 15 after a week-long bidding process [2] - Native Markets will issue USDH through Bridge, a stablecoin infrastructure acquired by Stripe for $1.1 billion, with BlackRock managing treasury reserves initially [4] - Over time, Fidelity and BNY Mellon are expected to join as custodians for the USDH stablecoin [4] Market Implications - The aggressive revenue-sharing model could lead to a price war in the stablecoin market, which is considered one of the most lucrative segments in crypto [5] - Hyperliquid users currently hold approximately $6 billion in USDC, representing about 8% of total USDC circulation, which may be threatened by the introduction of USDH [6] - The decision has sidelined competitors such as Paxos, Ethena, BitGo, Frax Finance, and Agora, raising questions about the transparency of the bidding process [7]