A Brief Analysis of the USDH Bid Event: A Power Game Reshaping the Rules of the Stablecoin Market

Written by: Haotian

talks about the uproar of @HyperliquidX's $USDH stablecoin bidding.

On the surface, it is a battle for the interests of several issuers such as Frax, Sky, and Native Market, but in fact, it is a "public auction" for the right to mint stablecoin currency, which will change the rules of the game in the subsequent stablecoin market.

I share a few points based on @0xMert_'s thinking:

1) The USDH minting rights competition exposes the fundamental contradiction between the demand for native stablecoins in decentralized applications and the unified liquidity needs of stablecoins.

To put it simply, every mainstream protocol tries to have its own "money printing rights", but this is bound to cause liquidity to be fragmented.

In response to this problem, Mert proposes two solutions:

1. Align the stablecoins of the ecosystem, where everyone agrees to share a common stablecoin and share the income proportionally....

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