RT Jonaso (@Jonasoeth)USDH transfer volume just hit a new ATH.In the last 3 weeks, more than $1.8B volume $USDH was transferred inside the @HyperliquidX ecosystem.Sooner or later, USDH will be the central stablecoin of the Hyperliquid ecosystem.This large capital base creates a big opportunity for yield strategies protocols like @alturax and @harmonixfiMore USDH flow → more capital → more yield products → more users ...

RT Token Terminal 📊 (@tokenterminal)👥🆙 ICYMI: The $USDH holder base on @HyperliquidX has grown by ~10x during Q4 '25. https://t.co/RLTaAUSNwf ...

New Asset Listing - Token Terminal 宣布 HyperliquidX 上线新资产 USDH [1] - USDH 由美国国债、现金和现金等价物 1:1 支持 [1] Team Background - Native Markets 团队成员包括 Uniswap、BlackRock、Stripe、Circle 和 Ramp 的前员工 [1]

New Asset Listing - USDH listed on HyperliquidX by Native Markets [1] - USDH is backed 1:1 by US Treasuries, cash, and cash equivalents, implying 100% backing [1] Team Background - Native Markets team includes alumni from Uniswap, BlackRock, Stripe, Circle, and Ramp, suggesting strong industry expertise [1]

Receives 1,918,478.78 KNTQ in the Token Generation Event Airdrop, Plus Right to Earn Additional Yield on 28,888 HYPE Staked by the Company Partnership with Native Markets to Support Hyperliquid-Aligned USDH Stablecoin Generates Additional Yield for 300,000 HYPE Staked by the Company Announces 150,000 HYPE purchase resulting in 1,862,195 Gross HYPE Tokens Owned by the Company LAGUNA HILLS, Calif., Dec. 04, 2025 (GLOBE NEWSWIRE) -- Hyperion DeFi, Inc. (NASDAQ: HYPD) (“Hyperion DeFi” or the “Company”), today a ...

Core Insights - Paxos is acquiring Fordefi, an institutional crypto wallet startup, for over $100 million to meet rising demand for regulated access to decentralized finance (DeFi) products [1][3] Company Overview - Paxos is known for issuing stablecoins, including PayPal USD, and aims to enhance its offerings in the crypto economy through this acquisition [1][6] - Fordefi operates multi-party computation (MPC)-based wallets, providing secure crypto custody and DeFi protocol interaction for approximately 300 clients [2] Strategic Implications - The acquisition allows Paxos to integrate Fordefi's technology into its custody infrastructure while Fordefi continues to operate independently [2][3] - This deal marks Paxos' second acquisition in the past year, following the purchase of Membrane Finance, indicating a trend of growing institutional interest in tokenized assets and decentralized lending [4] Product Expansion - Since 2023, Paxos has launched several new stablecoins, including PayPal's PYUSD, USDG, and USDH, with plans for further growth in 2025 [5] - The acquisition reinforces Paxos' strategy to provide customers with more ways to engage in the crypto economy, including stablecoins, custody, and DeFi solutions under regulatory oversight [6]

hyperliquid holds $5.5b in usdc generating $220m yearly for circle. usdh launch captures $110m of that for the protocol instead. no product changes, no new users needed, just redirecting existing reserve yield from circle's shareholders to hype holders. $110m annual revenue at 20x multiple adds $2.2b to protocol value. native stablecoins are the easiest revenue unlock in defi. ...

Ecosystem Valuation Shift - The industry is moving beyond transaction fees to value ecosystems based on their ability to generate revenue [1] - General-purpose chains are limited, with Hyperliquid and MegaETH highlighted as examples [1] Stablecoin TVL and Revenue Potential - Stablecoin TVL internalization at 4% and 8% yields significantly increases revenue for most chains compared to the status quo [2] - Even with conservative estimates, the potential revenue from internalized stablecoin TVL is substantially higher than current levels for many chains [2] Value Leakage and Revenue Streams - Current systems leak value to entities like Circle instead of benefiting users within the ecosystem [3] - Companies are focusing on converting traditional value leaks into revenue streams, starting with stablecoins and proximity markets [3][4] MegaETH and L2 Perceptions - MegaETH is identified as an L2 solution with significant committed capital [4] - There is skepticism about L2s, with some questioning their ability to justify the level of investment they attract [4]

Stablecoins & Fintech Transformation - Pantera Capital discusses the massive potential of stablecoins to transform fintech, making it more internet and blockchain native [1] - The discussion includes a "$1T stablecoin thesis", indicating a belief in significant growth and adoption of stablecoins [1] Payment Innovation - Paradigm's Tempo, a payments L1 (Layer 1), is highlighted as a potential disruptor in the payments space, possibly challenging traditional systems like Stripe [1] - Stripe's potential self-disruption is explored, suggesting the company may need to innovate to stay competitive [1] DeFi & Emerging Trends - Hyperliquid's USDH bidding war is mentioned, indicating competitive dynamics in the DeFi space [1] - Tokenized collectibles (RWAs - Real World Assets) are discussed as an area of interest [1] - Launchpads and DeFi platformization are identified as trends [1] Social Finance - SocFi platforms are compared, specifically https://t.co/ULtHsIwR9U vs FriendTech [1] Prediction Markets & Regulation - Prediction markets and the regulatory landscape surrounding them are discussed [1]

Stablecoin & Protocol Integration - "Aligned Stablecoins" on @HyperliquidX could fuel growth for @nativemarkets and USDH [1] - @nativemarkets aiming to make $USDH a multi-billion dollar stablecoin [2] - Success of $USDH could redefine protocol value capture and ecosystem alignment [2] Market Dynamics - Hyperliquid's stablecoin sector is highly competitive and ideologically charged [1]