The recent vote on the USDH token on Hyperliquid has drawn significant attention, reflecting a broader trend where platforms are increasingly recognizing the economic value of stablecoins and seeking better partnership terms.Core InsightsClosed vs. Open Ecosystems: Stablecoin issuers find it easier to guide users within closed systems (e.g., custodial platforms or wallets), while challenging dominant stablecoins like USDC and USDT in open ecosystems remains difficult.Two Tiers of Success:On-p...

The recent vote on the USDH token on Hyperliquid has drawn significant attention, reflecting a broader trend where platforms are increasingly recognizing the economic value of stablecoins and seeking better partnership terms.Core InsightsClosed vs. Open Ecosystems: Stablecoin issuers find it easier to guide users within closed systems (e.g., custodial platforms or wallets), while challenging dominant stablecoins like USDC and USDT in open ecosystems remains difficult.Two Tiers of Success:On-p...