Analysis: USDH issuance rights bidding is related to the economic logic at the survival level, and may obtain interest income from supporting assets

Odaily Planet Daily News On one of the fastest growing platforms in the cryptocurrency space, a stablecoin “bidding war” is providing a preview of the next phase of the industry and who may be in control. The competition took place on the rapidly growing trading platform Hyperliquid, and the core reward for the competition was: the right to issue USDH. USDH is a brand new token native to the platform network and pegged to the US dollar. The bidding included key institutions in the crypto payment field: Paxos, Agora, Ethena, and the less well-known startup Native Markets. This competition is not only about "honor", but also about the economic logic at the survival level. Stablecoin issuers are not simply “minting” digital dollars, they can also earn interest income from the assets that support these tokens. For example, Circle Internet Group, which issues USDC stablecoins, shares this portion of revenue with Coinbase Global Companies through a protocol that helps both companies with market volatility. Expanding market share has become more urgent as markets expect interest rates to fall this week. (Zhitong Finance)