Bits + Bips: Hyperliquid’s USDH Bidding War & Why the DAT Model Is Broken - Ep. 900
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I think it's also a story about, like, the power that Hyperliquid controls now, I mean, commands. This is all the biggest, you know, stablecoins coming to it, and and it's also a new sort of Dow governance bake off as well, which is quite interesting.
I feel like the digital asset treasuries bubble is somewhere getting pulled. It's not completely broken.
I think like any listed stock, you wanna be on the biggest market. Right? It's just that, like, we think and we're sort of in this elbowing around and debate design phase with, you know, as an industry and with the SEC about what the nature of our chain stock markets looks like. And I just don't think it looks like unregulated single sequence domestic roll ups today. Yeah. That's not enough for us.
Hi, everyone. Welcome to bits and bits exploring how crypto and macro collide one basis point at a time. I'm your host, Steve Ehrlich, high scribe of the ancient kingdom, and I'm here with three very special guests.
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First, we have Sam Kasmin, the Stablecoin King of Frax Finance. Sam, why don't you go ahead, please introduce yourself quickly.
Hey, hey, Steve. Thanks so much. I'm the founder and CEO of Frax. We actually issue currently a Frax USD Genius compliant stablecoin, and we're Genius compliant issuance infra, and we have a wide range of DeFi ecosystem products. And I think the most exciting thing in the past few days has been the hyperliquid USDH competition to see who can power parts or all of that issuance chain. So excited to chat about that.
Yeah, absolutely. I mean, Sam, we were talking before. I got to know you a couple of years ago when I was covering flat coins back when I was at Forbes, and and there was such it was such a hot issue back then because inflation was at historically high level. So I'm really excited to hear about everything that you're doing right now when it comes to USDH and and what's gonna happen there. And and, Kavita, we've known each other for a little while too. I always love talking to you about whatever's happening in the space. So why don't you just briefly introduce yourself as well, and and we can g
Sure. Hey, everyone. My name is Kavitha Gupta. I'm the founder of Delta Blockchain Fund and also incubated a cross chain project, Inclusively. I'm actually very excited to talk about when you guys gonna talk about Stablecoin because one of the things which we are building at Inclusive is also a Stablecoin obstruction amongst so many different chains. All the elements of Stablecoin, like the new hyper liquid one, how we don't want liquidity fragmentation issues again there. So let's take it from there, Steve, and thank you for having me.
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