The Rollup The Rollup TV: Hyperliquid USDH Stablecoin Special
Sep 9, 2025
David Grider, Head of Finality, dives into the dynamic intersection of traditional finance and cryptocurrency. He discusses the emergence of the hyperliquid USDH stablecoin, its implications for DeFi liquidity, and potential regulatory hurdles. The conversation highlights the fierce competition within the stablecoin landscape, the importance of community engagement, and the necessity of transparency in forging partnerships. Grider emphasizes the significance of fundamental values in navigating this rapidly evolving market.
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Hyperliquid Left Real Yield On The Table
- Hyperliquid's open RFP for USDH exposed a ~ $220M/yr yield opportunity from existing stablecoin reserves.
- That potential revenue explains intense interest from Paxos, Frax, Agora and many infrastructure partners.
Agora's Community-First Revenue Pitch
- Agora frames itself as a neutral issuer prioritizing 100% revenue kickback to Hyperliquid and community governance.
- Their pitch emphasizes coalition-building with infra partners and flexibility via quarterly governance votes.
Seed Liquidity And Integrate Payment Rails
- Seed initial USDH liquidity and partner with on-ramps to broaden distribution beyond Hyperliquid.
- Work with payment rails (Visa/RAIN) and wallets (Moonpay) to reach mass users quickly.