The Rollup Inside Hyperliquid's Stablecoin Showdown: Vance Spencer Breaks Down the USDH Fight
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Sep 12, 2025 
Vance Spencer, a partner at Framework Ventures deeply involved in Hyperliquid, dives into the hotly contested USDA ticker and the stakes surrounding it. With $200 million in profits at play, he discusses the fierce competition for the most valuable stablecoin partnership. Topics include jurisdictional risks, innovative capital strategies, and the future of stablecoins amidst evolving regulations. Spencer emphasizes the importance of unique approaches and adaptability as the cryptocurrency landscape shifts dramatically.
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Hyperliquid's Opportunity Is Already Revealed
- Hyperliquid already unlocked massive value by revealing a $5–6B USDC bridge and attracting bidders.
- The ticker decision is only the opening play in a much larger stablecoin opportunity for the protocol.
Engage Beyond Token Ownership
- Use multiple engagement paths: hold token positions and incubate native market makers to influence ecosystem outcomes.
- Deploy operational resources, not just capital, to drive adoption and product changes.
Derivatives Platforms Drive Stablecoin Demand
- On-chain derivatives platforms are a natural sink for stablecoins because margin and composability concentrate stablecoin demand.
- That creates a new on-chain business model that can generate substantial protocol buybacks and revenue.