Hyperlquid’s alliance stablecoin (USDH) aligns protocol yield, deployer incentives, and user fee discounts, creating a symbiotic ecosystem that unlocks new use‑cases.
Hyperliquid prioritises USDC as the primary trading pair while the HYPE token serves as a utility for fee discounts, governance, and buy-back funding. The token is not positioned as a money-like asset; instead it underpins network incentives and aligns stakeholder interests.
The passage of the Genius Act signals a more favorable regulatory environment for stablecoins; Jeff weighs its implications for Hyperliquid's future stablecoin offerings.
Ray evaluates the promise and pitfalls of Bitcoin and stablecoins. He notes Bitcoin’s capped supply makes it a potential store of value, yet its volatility limits everyday use. Stablecoins, while stable, lack yield and are still tied to fiat, positioning them as transaction tools rather than wealth stores.
MegaETH's USDM stablecoin and proximity markets create novel economic loops that feed value back to the ecosystem rather than leaking to external parties.