The Biggest Winner from Hyperliquid’s USDH | Weekly Roundup

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Sep 12, 2025

This week, the conversation dives into the competitive landscape of stablecoins with a focus on USDH and Hyperliquid's strategic maneuvers. The guests discuss how blockchain is reshaping private equity and the potential for public offerings in the DeFi space. They examine the dynamics between traditional finance and crypto, and how emerging innovations are altering investment strategies. Plus, light-hearted insights into cinema and sports wrap up the discussion, linking entrepreneurial spirit with athletic perseverance.

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INSIGHT

Crypto-Enabled Private Equity

Inversion will buy traditional businesses and use blockchain to cut costs and add new crypto-native products.
This approach aims to drive on-chain GDP by accruing value from cash-generating companies immediately.

ADVICE

Acquire Control To Move Faster

Acquire companies to gain control and implement blockchain changes without board permission.
Focus on technology-driven revenue and efficiency rather than just financial engineering.

INSIGHT

Hyperliquid's USDH RFP Play

Hyperliquid ran an open RFP to select an issuer for USDH, inviting many stablecoin teams to bid.
The goal was to capture value and control over $5.5B of stablecoin deposits on Hyperliquid.

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We're back to discuss the top stories of the week. We deep dive into how crypto can redefine private equity, who wins from the battle for USDH, Figure's IPO, could DeFi projects go public & more. Enjoy!
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Referenced in the show: A letter from Mike Cagney, Figure’s co-founder and executive chairman - https://www.figure.com/newsroom/company-voices/a-letter-from-mike-cagney-figure-co-founder-and-executive-chairman/ -- False Claim From Story: “vast majority was bought from founder” Response: This is simply not true. The vast majority was acquired from the Foundation in two transactions. First, the Foundation contributed $IP (at a discount) for shares in CASK. Additionally, the cash PIPE proceeds were used to buy tokens at a discount. These two transactions represent most of the total token balance held by CASK. The shareholder ownership for the Foundation and SY individually are all public in the S-1 filing. See page 153-157.
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GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries.
Discover how GEODNET is changing the world: [https://geodnet.com]
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"Mantle is pioneering ""Blockchain for Banking"" as a revolutionary new category that sits at the intersection of TradFi and web3.
Key elements for Mantle as the ""Blockchain for Banking"":

- Transactions posted to the blockchain
- Compatibility with TradFi rails
- Integrated DeFi features

Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier.
Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the 'Blockchain for Banking'."
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Timestamps:

(00:00) Introduction

(02:50) Inversion Raises $26.5M

(10:51) A New Era For Private Equity

(25:54) Hyperliquid’s USDH Proposal

(47:31) Ads (Mantle, Geodnet)

(48:54) The Stablecoin Superbowl: Who Wins?

(1:02:08) Takeaways From Figure’s IPO

(01:14:45) Could DeFi Projects Go Public?

(01:16:37) Content Of The Week

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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.