🌧 Why Hyperliquid USDH is Hot 1. The Hyperliquid team does not issue the stablecoin directly, but rather sells the USDH ticker through an on-chain vote. 2. Teams seeking to issue stablecoins based on the Hyperliquid ecosystem can apply as candidates, and the team with the most support through validator voting will receive the USDH ticker. 3. Therefore, the core team is not the issuer; it simply transfers the name "USDH" to the appropriate team. 4. The selected team will issue and operate USDH on HyperEVM and HyperCore. USDH is simply one of several stablecoins and does not hold a special status. 5. Current candidates include Native Markets, Paxos, Frax, and Team Konelia, with Paxos being the most likely candidate. 6. The reason this discussion is so heated is because when USDH is issued, reserves are deposited in safe assets like the US dollar and government bonds, generating interest. 7. According to the candidate teams' proposals, 95-100% of this interest income will be used to purchase HYPE from the market. 8. The purchased HYPE will then be distributed to ecosystem funds, partners, and users. 9. For reference, approximately $5.7 billion of USDC is currently circulating on Hyperliquid. Assuming this is deposited in short-term US Treasury bonds (4.5% annual interest), it would generate approximately $259 million in interest annually. 10. If USDH were to replace the existing USDC, approximately $250 million in HYPE buybacks would become possible annually. 11. Hyperliquid