Recently, the bidding war for USDH issuance rights initiated by HyperLiquid attracted participation from institutions like Circle, Paxos, and Frax Finance. Some even proposed ecosystem incentives as high as $20 million, reflecting the strategic importance DeFi protocols place on native stablecoins. The Value of DeFi Stablecoins Unlike centralized stablecoins such as USDT and USDC, DeFi native stablecoins (e.g., DAI, GHO, crvUSD, FRAX) emphasize decentralization, censorship resistance, and tra...

Recently, the bidding war for USDH issuance rights initiated by HyperLiquid attracted participation from institutions like Circle, Paxos, and Frax Finance. Some even proposed ecosystem incentives as high as $20 million, reflecting the strategic importance DeFi protocols place on native stablecoins. The Value of DeFi Stablecoins Unlike centralized stablecoins such as USDT and USDC, DeFi native stablecoins (e.g., DAI, GHO, crvUSD, FRAX) emphasize decentralization, censorship resistance, and tra...