HYPE Stablecoins, TCG Meta, New DATcos | Livestream

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Sep 8, 2025

Shaunda Devens and Kunal Doshi, members of Blockworks' research team, dive into the evolving world of hyperliquid stablecoins and the exciting new tokenization trends in trading card games. They discuss MegaETH's USDM launch and its potential to influence gas costs and revenue models. The conversation also touches on strategic resource management amid regulatory challenges, the intersection of collectibles and blockchain, and emerging trends in DeFi that enhance liquidity and yield for users.

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INSIGHT

Idle USDC Is A Hidden Revenue Source

Hyperliquid holds large idle USDC (~5.5B) that yields interest flowing outside the ecosystem.
Redirecting that yield back could generate >$200M/year to fund HYPE growth and products.

ADVICE

Prioritize Revenue Use Over Buyback Claims

Evaluate stablecoin proposals by how they plan to use revenue, not just headline buybacks.
Prefer splits that fund ecosystem growth over pure buybacks for long-term traction.

INSIGHT

Ticker Wins Are Mostly Brand Plays

Brand equity drives many stablecoin bids for the USDH ticker more than technical necessity.
Winning the ticker gives visibility but not an automatic on-chain liquidity swap of USDC to a new coin.

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During this livestream, we discuss Hyperliquid stablecoins, trading card game tokenization trends, MegaETH and Ethena’s USDM announcement, and new DATco-driven market dynamics.

Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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Timestamps:

(0:00) Introduction

(5:17) Hyperliquid Stablecoin Proposals

(26:31) Ads (Katana & EigenCloud)

(27:30) The TCG Meta

(53:12) Ads (Katana & EigenCloud)

(54:23) MegaETH & Ethena Unveil USDM

(1:03:52) New DATcos

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Disclaimer: Nothing said on 0xResearch 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. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.