One of the best things about Solana's culture is adopting good ideas from other ecosystems. Hyperliquid's idea to encourage stablecoin issuers to buy HYPE with USDH interest is a powerful way to drive REV. Why should Circle keep all of the interest revenue from USDC on Solana?
Look, this is going to happen. It is the most insane no-brainer in Solana history. Stablecoins are commodities, and currently on Solana, there is one that captures all yield and literally funds Solana's biggest competitor with it! With the Genius Act, these things are commodities; you can swap them for each other — why are you getting taken advantage of? Hyperliquid just showed how far these companies are willing to go to win business; they are literally playing The Bachelorette for fund managers. Solana can command the same and more. If you don't want to enshrine a Solana-centric stable, then consider digital asset treasury companies (DATs). There are all these Solana DATs out there and in progress, with size. The DAT is literally a machine for buying the underlying token.* Assume a Solana DAT runs a Solana stable, call it USDmanlet. USDmanlet earns yield. The DAT takes all the yield and buys SOL with it. So if you're using USDmanlet in your pools, you're inherently generating SOL rev. And more interestingly, you can work with the app layer to embed it in the ecosystem and take the yield and pump it back into the ecosystem apps or into burning SOL. It is currently doing *nothing* (except funding Base?). And you don't even need to enshrine it, you have all these issuers and DATs — let them compete. If you're an existing stable issuer on Solana, I suggest you proactively get ahead of this by upping the ante. *(and no they don't have to get silly assuming the mnav multiple is actually kept at bay by a non degenerate board)
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