The meme is that everyone at some point has gotten burned longing $PYPL the past few years.
As PyUSD launched and pushed incentives onto Kamino it has become more clear to me that if you watch PyUSD market cap over time and pair against incentives (i.e. does it actually have staying power) + follow their commentary across a few different quarters on stablecoin side you can see both narrative expand multiple as well as well earnings expansion in short to mid-term off of increased float (net of incentive costs + compressing margin on float side).
The distribution story on venmo etc. is also pretty clear.
I don't think they'll win the USDH bid but if they push forward anyways, i think that says a lot.
Will be interesting to see if market agrees.
The @Paxos V2 proposal to issue USDH is the strongest so far and appears the most closely aligned with Hyperliquid’s roadmap.
- PayPal/Venmo partnerships with free USDH offramp (similar to Coinbase + USDC, which has been a wildly successful partnership).
- Plans to scale in Europe, which is currently exclusive to Paxos.
- Builder code expansion to their enterprise partners.
- Plans to bring asset issuers to HIP-3. 50% of revenue from HIP-3 mkts goes back to Hyperliquid (imo, this is the most interesting perk in the new proposal imo).
- Good incentive strategy that prioritizes the ecosystem, then AF, then Paxos, assuming they hit TVL goals.
Really impressive proposal. The goal isn't just $800/pt, it's to be a decentralized bank.
4.66K
2
The content on this page is provided by third parties. Unless otherwise stated, OKX TR is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX TR. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX TR is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.