The bidding event for Hyperliquid’s USDH stablecoin has revealed potential shifts in the rules of the stablecoin market. On the surface, it appears to be a battle of interests among issuers like Frax and Sky, but in reality, it is an "open auction" for the right to mint currency, exposing the fundamental conflict between the demand for native stablecoins in decentralized applications and the need for unified liquidity. Fragmented Liquidity and Contradictions in Solutions Every major protocol ...

The bidding event for Hyperliquid’s USDH stablecoin has revealed potential shifts in the rules of the stablecoin market. On the surface, it appears to be a battle of interests among issuers like Frax and Sky, but in reality, it is an "open auction" for the right to mint currency, exposing the fundamental conflict between the demand for native stablecoins in decentralized applications and the need for unified liquidity. Fragmented Liquidity and Contradictions in Solutions Every major protocol ...