Was surprised as anyone when I heard word of the USDH sunset, especially given recent supply growth from Native Markets’ new onramp/offramp, which anyone who has used it so far knows has been great But like @Mclader and @fiege_max shared, it appears the USDH saga actually did end up with the result Hyperliquid wanted, just in a more roundabout way and not actually including USDH in the final vision Hyperliquid loses another shot at a native aligned stablecoin and thus must rely on Circle/Coinbase for USDC’s soundness, but gains ~$150m in annual rev at current tbill rates and arguably the best US regulatory alignment partner possible. Wish it didn’t end this way for USDH, but I hope the Native Markets team will be on to bigger things, and HL comes out on top with +20% ARR and no more stablecoin fragmentation Quite the series of chess moves to get Circle/Coinbase to move when they wouldn’t back in September during the USDH ticker and AQA saga