# USDH İlgili Makaleler

HTX Haber Merkezi, kripto endüstrisindeki piyasa trendleri, proje güncellemeleri, teknoloji gelişmeleri ve düzenleyici politikaları kapsayan "USDH" hakkında en son makaleleri ve derinlemesine analizleri sunmaktadır.

Behind USDH's Acquisition by Coinbase: Hyperliquid's Interest-Driven Choice

Coinbase announces its integration with Hyperliquid, becoming the official USDC treasury deployer on the platform. The native stablecoin USDH, issued by Native Markets, will be gradually phased out as Coinbase acquires its brand assets. Users can convert USDH to USDC or fiat without fees during the transition. The move solidifies USDC as Hyperliquid's official stablecoin and pricing asset. The arrangement is framed as a three-way win: Coinbase deepens its ties to the Hyperliquid ecosystem; Hyperliquid gains the vast majority of future USDC reserve yield revenue (estimated at up to 90%); and Native Markets exits with compensation from the asset sale. However, some community members criticize the outcome, viewing USDH's shutdown as a retreat from decentralization and arguing that the original governance vote favored internal interests over users. The partnership also sees Circle and Coinbase staking HYPE tokens to support the network's AQAv2 upgrade. Ultimately, the article suggests the resolution underscores pragmatic economic interests over earlier community-centric rhetoric.

marsbit05/15 06:52

Behind USDH's Acquisition by Coinbase: Hyperliquid's Interest-Driven Choice

marsbit05/15 06:52

Behind the Coinbase Acquisition of USDH: Hyperliquid’s Interest-Driven Choice

The article discusses the transition of the Hyperliquid ecosystem's native stablecoin, USDH, following its acquisition by Coinbase. Last September, USDH, issued by Native Markets, was a focal point in the ecosystem. Recently, Coinbase announced it will become the official USDC treasury deployer on Hyperliquid. Native Markets granted Coinbase the rights to purchase the USDH brand assets, leading to the gradual phase-out of USDH. Users can convert USDH to USDC or fiat without fees during this period. USDC is now Hyperliquid's official stablecoin. The move is framed as a three-way win: * **Coinbase & Circle:** Deepen ties with Hyperliquid's on-chain economy. Both companies are staking HYPE tokens. Circle had already invested in HYPE previously. * **Hyperliquid:** Becomes the primary beneficiary, set to receive the vast majority (estimated ~90%) of the reserve yield income from the ~$5.16 billion in USDC on its platform. This could translate to significant daily HYPE buybacks. The alliance with Coinbase may also offer regulatory advantages in the US. * **Native Markets:** While exiting the stablecoin business, the team reportedly received economic compensation from Coinbase for the USDH brand assets, framing it as a successful conclusion to USDH's role. However, the article notes criticism from some Hyperliquid community members. They view the shift as a step back for decentralization and argue that the original USDH issuer vote was driven by internal interests rather than user benefit, leaving regular users with nothing. The conclusion reflects that the eventual partnership between Hyperliquid and the giants (Coinbase/Circle) underscores a reality of利益分配 (interest distribution) over initial ideals of community and ecosystem advocacy.

Odaily星球日报05/15 06:48

Behind the Coinbase Acquisition of USDH: Hyperliquid’s Interest-Driven Choice

Odaily星球日报05/15 06:48

Inside Hyperliquid’s move to an ‘everything exchange’ with HIP-4 rollout

Hyperliquid's HYPE token has shown resilience amid a market downturn, largely due to the platform's strong traction. Its recent success with equity perpetuals (HIP-3) boosted its market dominance to 33%. Now, with the rollout of HIP-4, Hyperliquid is introducing native prediction markets and options trading, strictly denominated in its USDH stablecoin to keep fees within the ecosystem. This move is seen as a step towards becoming an 'everything exchange.' Real-World Assets (RWA), including tokenized stocks and ETFs, have grown to 0% of its open interest and may reach 50%. Following the HIP-4 news, HYPE's price rallied 20%, with potential to target $35–$38 if it holds above key resistance.

ambcrypto02/03 15:01

Inside Hyperliquid’s move to an ‘everything exchange’ with HIP-4 rollout

ambcrypto02/03 15:01

Flare Launches FXRP/USDH Spot Market on Hyperliquid, Expanding XRP Onchain Liquidity

Flare has launched the FXRP/USDH spot market on Hyperliquid, expanding XRP onchain trading infrastructure and liquidity into new ecosystems. This follows the recent introduction of the FXRP/USDC market. The FXRP/USDH pair combines XRP exposure with USDH, Hyperliquid's native quotation asset backed by U.S. Treasuries and cash equivalents. USDH offers trading incentives like reduced fees and supports various financial use cases within HyperEVM. Initial demand for FXRP has been strong across partners and platforms, highlighting growing interest in XRP exposure on Hyperliquid. Flare has also enabled direct FXRP bridging to HyperEVM and plans to launch a dedicated bridge for one-click withdrawals to the XRP Ledger. This spot market launch supports traders in hedging, executing delta-neutral strategies, and arbitraging between spot and derivatives markets, particularly as XRP derivatives activity grows. The FXRP/USDH market is now live on Hyperliquid.

TheNewsCrypto01/28 21:28

Flare Launches FXRP/USDH Spot Market on Hyperliquid, Expanding XRP Onchain Liquidity

TheNewsCrypto01/28 21:28

Hyperliquid with Trillions in Trading Volume: How to Break the Thin Profit Curse

Hyperliquid, a decentralized exchange, processes massive trading volumes (annualized $617B in perps) but captures minimal fees—only ~3.9 bps—compared to retail-centric platforms like Coinbase (35.5 bps) and Robinhood (33.5 bps). This reflects a structural divide: Hyperliquid operates at the "market layer" (like Nasdaq), offering low-margin execution, while brokers profit from higher-margin services like custody, lending, and subscriptions. Hyperliquid’s open architecture—via Builder Codes (third-party frontends) and HIP-3 (external product deployment)—fuels growth but risks commoditizing its core exchange, as third parties capture user relationships and routing leverage. Recent strategic shifts aim to defend its position: halting subsidies for external frontends, launching USDH (a native stablecoin) to capture reserve yields, and introducing portfolio margin to earn interest on lending. The protocol is evolving toward a hybrid model—balancing open infrastructure with broker-like revenue streams (e.g., balance-based earnings)—to avoid being trapped in low-margin wholesale execution. The key challenge for 2026 is achieving this shift without undermining its ecosystem-friendly approach.

比推12/18 22:14

Hyperliquid with Trillions in Trading Volume: How to Break the Thin Profit Curse