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]

RT The Block Podcasts (@TheBlockPods)ICYMI: Pantera Capital investor on USDH, Paradigm's Tempo, and the massive potential of stablecoins@imyoungsparks and @Timccopeland were joined by @PanteraCapital junior partner @masonnystrom to discuss USDH, Paragidum's Tempo, and how stablecoins could be the tech that transforms fintech fails to be more internet blockchain native👀OUTLINE00:00 - Introduction01:44 - Mason’s origin in crypto03:35 - Research vs. VC investing04:46 - The $1T stablecoin thesis06:31 - Tempo: S ...

“Aligned Stablecoins” being enshrined at the protocol level on @HyperliquidX could drive the next leg of growth for @nativemarkets and USDH.Read the report 👇https://t.co/TjxzSj8H5C https://t.co/vSKEQxtxDmPatryk (@Solofunk_):Hyperliquid’s stablecoin sector has evolved into one of the most competitive, ideologically charged markets in crypto.If @nativemarkets succeeds in making $USDH a multibillion-dollar stablecoin, it will redefine how protocols structure value capture and ecosystem alignment 🧵 https://t.co ...

However, a recent wave of new entrants, like USDG (Paxos) and USDe (Ethena), have shown participants are willing to enter by offering easier ways for users to earn yields on their holdings. In a relatively homogenous product, this is one of the main value drivers for users. Take USDe’s recent announcements, for example: integrations with Bybit and Binance have made it easier for users to earn rewards alongside deeper product integration — namely, offering users yield on funds parked on the platform or held ...

Core Insights - A new thesis from DeFi analyst Patrick Scott suggests that Hyperliquid, despite losing market share, remains the most investable decentralized exchange (DEX) for perpetual futures [1] Market Overview - The perpetual futures market has seen a significant shift, with decentralized platforms (perp DEXes) increasing their share from less than 2% of centralized exchange (CEX) trading volume in 2022 to over 20% recently [2][3] Hyperliquid's Performance - Hyperliquid's market share of perp DEX volume has dropped from 45% to 8% in recent weeks, while Binance-affiliated Aster has surged to over $270 billion in weekly trades [4] - Despite this decline, Hyperliquid continues to generate strong revenue and maintains a significant open interest, commanding about 62% of the perp DEX open interest market [5] Future Prospects - Hyperliquid is expanding with initiatives like the HyperEVM network, which hosts over 100 protocols and has $2 billion in total value locked, and the USDH stablecoin backed by reserves held with BlackRock and Superstate [6] - The HIP-3 initiative aims to allow builders to launch new perp markets by staking large amounts of HYPE, creating a "supply sink" for the token [6] Investment Thesis - Scott's thesis hinges on Hyperliquid's ability to maintain open interest and revenue levels, as well as the liquidity of USDH over the next year [7]

Core Insights - Stripe is launching Open Issuance, a platform that enables businesses to create and manage their own stablecoins through its subsidiary Bridge [1][2] - The current stablecoin market is dominated by issuers like Tether and Circle, which limits businesses' ability to customize their digital assets [2] - Open Issuance allows companies to mint and burn tokens, customize reserve structures, and earn rewards on their holdings [2][5] Business Model and Features - Open Issuance provides a shared liquidity network for one-for-one swaps between stablecoins, addressing liquidity challenges for new issuers [3] - Phantom Wallet, with over 15 million users, is the first major client to launch a native stablecoin called CASH on the platform [4] - Businesses can launch a stablecoin in days, with Bridge managing security, compliance, and liquidity [5] Strategic Developments - The announcement follows Stripe's acquisition of Bridge in February 2025, aimed at scaling digital dollar solutions for businesses [6] - Stripe has been enhancing its crypto capabilities, including acquiring wallet infrastructure startup Privy and launching a Bitcoin rewards credit card in partnership with Visa [7]

Hyperliquid launched its permissionless spot quote asset feature on mainnet, allowing any asset to be set as a quote asset and new trading pairs created via Dutch auctions. USDH is the first such asset, with HYPE/USDH trading now live. More pairs will follow. https://t.co/Ht3ysEzpJf ...

Group 1 - Hyperliquid has launched USDH, a native stablecoin aimed at enhancing its decentralized exchange ecosystem [1][2] - USDH is now available for trading against HYPE and USDC, with 200,000 HYPE locked for three years to support liquidity [2][3] - The stablecoin is backed by cash and short-term US Treasuries, with reserves managed through off-chain holdings and on-chain transparency tools [3][4] Group 2 - Hyperliquid faces increasing competition from rival exchange Aster, which has recently surpassed Hyperliquid in trading activity [5][6] - Despite Aster's recent success, Hyperliquid remains larger on a 30-day volume basis, but analysts warn of potential narrowing of this lead due to an upcoming token unlock [6][7] - The impending unlock of approximately 237.8 million HYPE tokens, valued at about $12 billion, could significantly affect market performance [6][7]

$USDH has hit $24M supply within 18 hours of its launch. https://t.co/fZ38qkOESj ...

Cryptocurrency Market - Hyperliquid's stablecoin USDH launched with nearly $2 million in early trading volume [1]