Lates News

One of the fastest-growing platforms in the cryptocurrency field recently saw a stablecoin "bidding war," providing a preview of the next phase of the industry and who may potentially control this phase. This competition took place on the rapidly developing trading platform Hyperliquid, with the core reward being the right to issue USDH. USDH is a new token native to the platform's network and pegged to the US dollar. Key players in the cryptocurrency payment field participated in the bidding: Paxos, Agora, Ethena, and the lesser-known startup Native Markets (which has partnered with the stablecoin department of Stripe's company, Bridge). This competition is not only about "prestige" but also about the economic logic of survival. Stablecoin issuers do not simply "mint" digital dollars they can also earn interest income from the assets backing these tokens. For example, Circle Internet Group, which issues the USDC stablecoin, shares this income with Coinbase Global through a protocol, helping both companies withstand market fluctuations. With the anticipation of a rate cut this week, expanding market share has become increasingly urgent.