Why the War Over the USDH Ticker on Hyperliquid Is Bullish for Crypto - Ep. 902
Episode publishedPodcast: UnchainedUnchained
Transcript preview
Preview only
It is such a bullish news for the ecosystem because what is happening is competition is driving more economic back to the user and developer. So, I think that's also why this news is so controversial. It's so significant, and it's such a demonstration of, I think, just next step what the protocol is really about. It's about bringing economic value back to users.
Hey, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin. This is the 09/12/2025 episode of Unchained. The crypto world is buzzing. On October, 25,000 people will be at Token two thousand forty nine Singapore, the largest crypto event in the world, featuring headline speakers like Eric Trump, Vlad Tenev, Tom Lee, Balaji Srinivasan, and Arthur Hayes. Visit asia.token2049.com now to get 15% off tickets with the code UNCHANED. Today's guest is Shuyao Kong, cofounder of Mega Eve. Welcome, Shuyao.
Thank you, Laura. I have been a long term fan of your podcast and book. It's such a pleasure to be here.
Thank you. That's so sweet. Well, I'm excited to have you. Listeners might actually already know you because you appeared on The Chopping Block, but they called you Brother Bing throughout and went into a whole thing about how you even got that nickname. So for those of you who know Brother Bing, this is Brother Bing. But yes, we have used her real name here. Okay. So we are in the midst of what has so far been a very intense competition for the USDH stablecoin ticker on Hyperliquid. We actually already did an episode on this. We listened to two of the teams talking about what they were pitchi
Yeah, I think first of all, I am super bullish that Hyperliquid is actually doing such a public auction. I think it's a fantastic opportunity not only to bring attention, but bring the best deals out to the Hyperliquid community. It is also a fantastic way to educate the community on what is the role of a stablecoin in an ecosystem. I think fundamentally, I am super bullish because I think crypto in our industry is all about this intermediary. And stablecoin issuer used to be serving as an intermediary in an ecosystem, but now we're seeing that protocol are owning the stablecoin narrative agai
Yeah. Well, I'd be curious if you could just relay that story again about how this competition over USDH affected your announcement.
Yeah. It wasn't affecting I mean, we were supposed to announce it in the middle of the week, but then we saw the USDH announce well, the the governance forum, and we follow it up very closely. And then we realized that, okay. You know what? Instead of announcing in the middle of the week because everybody is following USCH, we should just announce ours a little bit earlier. So we worked over the weekend.
Okay. Yeah. Yeah. Well, clearly, I think that was the right move because that news did break through on Monday. But, by the middle of the week, competition over USDH kind of had broken through to a fever pitch. So the other thing that's been really interesting to watch is all these different arguments that have been made in public over which team should win. There's been a lot of different factors that people have been calling out about what they think are more important than others. When your team was trying to decide which team to go with for USDM, what factors did you consider and how did y
Yeah. The analogy I often think about doing business development in crypto is always it's like a pick it's like early stage investing. The fundamental thesis and ethos and how we think about just business development is picking the right team, w
Keep exploring with a free account.
A free account preserves the short preview. Upgrade to Pro for the full transcript and episode chat.