$HYDX = ve(3,3) liquidity infra on Base. Circ mcap: $2M. US team, Wyoming DUNA setup Partners: Frax, Flaunch, Clanker Aero circ mcap $1B. Not even on DS yet. If you think Base grows, infra grows. @HydrexFi just has to exist. Math too smooth to ignore.

Had CEO of Frax on Stabled Up EP #1 to talk about the $100T stablecoin market, the two types of stablecoins that will explode in growth, his takes on the stablecoin L1 trade & more. Great for all interested in stablecoins.

HYPE surges past $58, setting a new all-time high Here are some of the main drivers and on-chain / institutional impulses behind HYPE’s recent surge to a new ATH (~$58+). As always, there is a mix of confirmed facts and speculation — take the latter with caution. --- ✅ Confirmed / Strong Signals 1. Whale & Institutional Inflows Big money (whales / institutions) have been accumulating HYPE. e.g. Lion Group allegedly moved ~$600M from other assets (SOL, SUI) into HYPE. On-chain activity has surged, showing more wallets are interacting, more volume. 2. USDH Stablecoin Issuer Race One of the ecosystem’s big narratives: several entities (Paxos, Frax Finance, Ethena, Sky, etc.) are competing to become the official issuer of USDH (Hyperliquid’s native stablecoin). That competition adds legitimacy, speculation, and expectations for ecosystem growth. People expect the winner to bring more integration, usage, rewards, maybe listings, etc. 3. ETF / ETP Rumors & Institutional Product Speculation There are rumors that VanEck is preparing a spot staking HYPE ETF or something similar. Rumors tend to drive demand. Also, possibility of European-listed ETPs tied to HYPE, which would broaden investment exposure. # HYPE#

Big news for Hyperliquid today... Native Markets just secured the $USDH ticker. For you guys who are unfamiliar, $USDH is Hyperliquid’s own stablecoin. It's fully compliant, fully backed, and no longer dependent on bridged assets like USDC. The Hyperliquid Foundation framed the process as “just a ticker,” but this was a super competitive auction. Paxos, Frax, Ethena, and others all fought for it. Being tied to $USDH makes you the face of Hyperliquid’s stablecoin, and users naturally flock to the most visible issuer. It’s a powerful signal of commitment and skin in the game. Native Markets’ proposal checks every box: - Reserves backed by cash & U.S. Treasuries, managed by BlackRock and Superstate - Full regulatory compliance through Bridge’s existing licenses in the U.S. & Europe - 100% of reserve revenues flowing back to the ecosystem (50% to $HYPE buybacks, 50% reinvested in $USDH adoption) - A leadership team with serious credibility (veterans from Paradigm and Uniswap), supported by institutional partners This win also chips away at the dominance of USDC. With $USDH, Hyperliquid strengthens, creates self-reinforcing liquidity, and builds the foundation for long-term growth. $USDH isn’t just a ticker, it’s a step toward total ecosystem control and adoption.

On September 14, the Hyperliquid community will begin voting to select the issuer of its own USDH stablecoin. The Polymarket prediction market estimates the chances that validators will support the Native Market proposal at 96.8%. The Paxos application is gaining 1.8%. The probability of approval of the Ethena and Frax Finance proposals is less than 1%. Meanwhile, Circle, which announced the launch of native USDC on the HyperEVM exchange blockchain, has already conducted test transactions on the mainnet.

Alchemix Alcx has 1.4 billion$ in liquidity stabilising frax in the frax 3 curve pool pegging it 1:1 with the US dollar. If they make 10% profit in yield from stabilising it, they are theoretically making 140 million$ a year yet the market cap is still at 25 million$.

FXS 📈 $FXS surges +5.33%, reaching $2.98. Fraxlend + Frax ecosystem are gaining traction again. Could this be a comeback for Frax Share? 🔥#fxs# #Gate Square Mid Autumn Creator Incentive Program##SOL Price Prediction##Crypto Market Rebound##Double Rewards With GUSD#

Hyperliquid wants to roll out its next card in the fight against centralized institutions, #USDH#. A native, Hyperliquid-first stablecoin set to redirect billions in flows that currently bleed out to Circle and Tether. Right now, the protocol sits on $5.5B+ in USDC deposits. That’s leaking an estimated $220M in annual yield to external issuers. The proposal brings the stablecoin in-house, backs it with treasuries, and lets those yields flow straight into the ecosystem, mostly into $HYPE buybacks. The validator vote on Sept 14 decides the issuer (Paxos, Frax, Agora, Native, …). Each proposal has its flavor, but the common thread is simple: turn stablecoin seigniorage into a revenue engine for the network. Paxos pitches 95% of yield back into HYPE buybacks. Frax pushes 100% yield on-chain. Agora leans retail with fiat ramps. Yield no longer leaks out, it compounds back into HL. Why’s this such a big deal? – Adds another $190M–$220M per year in buyback fuel on top of existing fee-driven burns – 80% fee cuts on stable/stable spot pairs roll out alongside it, pulling in deeper liquidity and more traders – Makes HL less dependent on bridged USDC, while improving its regulatory posture (GENIUS + MiCA compliant) – Positions USDH as the quote asset across perps, spot, and HyperEVM apps I see this as a multi-layer catalyst: → DeFi is moving back toward native stables → HL’s TVL already at $2.5B. This could drive another leg, $10B+ isn’t unrealistic in a bull market → $HYPE already buys back 97% of platform fees, add another $200M+ in stablecoin yield and the deflationary curve steepens → No longer reliant on USDC or Circle. Native stable is tighter loops, stickier ecosystem USDH becomes the missing piece that turns Hyperliquid into the full-stack financial system it wants to be. $HYPE already moved ~10% just off the news, but the real upside comes if USDH spins up right. Still accumulating $HYPE.

#BREAKING Frax: USDH Yield Buyback Ratio to Be Community-Determined, Ecosystem Data to Remain Transparent #Bitcoin $BTC

Bidding heats up for Hyperliquid’s native stablecoin USDH. Paxos, Frax, and two others are submitting proposals, while $HYPE smashes $54, reaching a new all time high. Strong market interest signals growing confidence in USDH’s potential. #Hyperliquid# #BingXHYPE# #USDH#

On September 9, at the "USDH stablecoin roundtable" hosted by a certain platform, Sean Kelley, Vice President of Communications at Frax, stated that regarding "whether to allocate funds from profits for repurchase," it should be up to the community to decide the specific allocation ratio. Frax absolutely hopes to resolve the issue through governance to determine the details of the allocation ratio. This may require finding a balance in the following areas: part of the funds used for repurchase to support the further rise of USDH, as well as improving other areas in the ecosystem that are considered weaker. The specific percentage should ultimately be decided by the community. Regarding the transparency of profit distribution, Frax places great emphasis on data visualization, hoping to ensure that the flow of funds can be transparently tracked. Data will be published on the dashboard for user access, essentially tracking everything on-chain within the ecosystem to ensure that all data remains transparent. As for

Big week for Hyperliquid. Yesterday we had Paxos, Agora, Frax on to hear their pitches for $USDH. Full video with all three is out, covering: - Who Controls HyperLiquid's $5.5B Stablecoin Future? - Why 100% Revenue Sharing Became Table Stakes - Institutional Partnerships vs. Community Alignment -Circle's Missing Response Strategy -What Being "Hyperliquid Native" Actually Means

#BREAKING Frax: USDH Buyback Ratio to Be Determined by the Community, Ecosystem Data to Remain Transparent #Bitcoin $BTC

Sky vs. Agora vs. Frax vs. Paxos vs. Circle vs. Ethena Hyperliquid.

Sky Pitches Genius-Compliant USDH Stablecoin With $8B Balance Sheet and 4.85% Yield Formerly MakerDAO, Sky joins Paxos, Frax, Agora and Native Markets in the fight for Hyperliquid’s stablecoin contract. #crypto#

LIVE. Hyperliquid USDH special. Interviewing @Nick_van_Eck (Agora), @bhau___ (Paxos Labs), @samkazemian (Frax), @David_Grid (Finality), @osf_rekt (Rekt drinks). See you on the stream.

#BREAKING Frax Founder Discusses Hyperliquid USDH Competition: Interoperability Value Over Yield #Bitcoin $BTC

Morning News Update #Web3 💰 Trump Family: Wealth surges by $1.3 billion due to ABTC and WLFI. 🏦 Paxos, Frax, Agora: Compete to issue Hyperliquid USDH stablecoin. 🚀 Circle: Announces USDC and CCTP V2 to launch on Hyperliquid soon. 🔒 Kinto: Announces shutdown and initiates user asset redemption arrangements. 🗣 Larry Kudlow (Director of White House National Economic Council): No plans to reform the Federal Reserve at present. #CryptoNews #Web3 #Bitcoin #DeFi #Markets

#BREAKING The issuance rights of the USDH stablecoin under Hyperliquid have attracted several institutional bidders, including Paxos and Frax, who have submitted bidding proposals. #Bitcoin $BTC

Bitcoin’s mining difficulty just hit an all-time high ⛏️ Meanwhile, Paxos 🏦 vs Frax 💰 are battling to build Hyperliquid’s USDH stablecoin 💵—is yield 🌾 or compliance 🛡️ the future? Bullish for markets

From Circle to Frax Finance: The next dark horse under the GENIUS Act [Plain Language Introduction] In June 2025, Circle successfully went public on the New York Stock Exchange, sparking a wave in the stablecoin industry, with its vertical integration strategy attracting significant attention. Driven by the GENIUS Act, Frax Finance has replicated Circle's successful model with the frxUSD stablecoin, FraxNet front end, and Fraxtal blockchain, becoming a rising star in the industry. The founders participated in drafting the act, showcasing policy foresight, and the North Star upgrade further solidifies its leading position. From currency to front-end and back-end, Frax Finance creates a stablecoin trinity, leading the financial system to transition to blockchain, and may become the "North Star" of the stablecoin industry in the future. For details, please see:

What is the significance of the collaboration between River and Chainlink? River announced the official adoption of Chainlink Price Feeds to provide core price data support for its CDP stablecoin satUSD, which currently covers BOB, Arbitrum, Base, and BNB Chain. Superficially, this is a common oracle integration news, but placed in River, its significance goes beyond this: The essence of stablecoins is pricing. Whether it's Maker's DAI, Frax, Liquity, or any collateral-based stablecoin system, the first step to stability is accurate price input. If the price data is inaccurate, the liquidation mechanism will fail, and the entire system will collapse. River chooses Chainlink, not only for its security endorsement but also for directly introducing market-validated infrastructure, reducing risks in cross-chain multi-environment scenarios. * Cross-chain environments require a unified truth. The positioning of River is a chain-abstract stablecoin system, which brings a new question: how can we ensure that satUSD on different chains is based on the same pricing logic? The role of Chainlink here is to enable River to share a unified and trustworthy pricing standard in a multi-chain environment, thereby ensuring the consistency of satUSD! ▰▰▰▰▰▰▰ Strategic significance? ※ To River: With the support of Chainlink, the resistance of satUSD in multi-chain expansion has significantly decreased; this is a key prerequisite for scalability. ※ For Chainlink: River, as an explorer in the chain abstraction track, extends the value of oracles to new scenarios of a multi-chain unified stablecoin system. ※ For users: it means that the stability and security of satUSD are better guaranteed, especially in the complex processes of cross-chain collateralization / cross-chain minting. ▰▰▰▰▰▰▰ My observation The growth of River (over $600M TVL, $270M satUSD) has already indicated that there is market demand. But whether it can transition from short-term increments to long-term retention depends on whether the stability mechanism can withstand the test. This combination with Chainlink can be considered as addressing one of the toughest challenges in cross-chain stablecoins ahead of time. ▰▰▰▰▰▰▰ Summary Liquidity, like water, needs a channel, and the stability of that channel relies on the foundation of data. Chainlink provides this foundation for River. #River @River4fun @RiverdotInc #4FUN $satUSD @Crypto_Luang

#DeFi和稳定币创新# Seeing this message made me think about the development direction in the DeFi and stablecoin fields. Sam Kazemian, the founder of Frax, has joined Stable as CTO while continuing to serve as CEO of Frax, which is quite interesting. From a copy trading perspective, this may indicate that there will be more synergy and innovation between Stable and Frax. I have been keeping an eye on the development of stablecoin projects, as they often bring good arbitrage opportunities. However, there is no rush to place a bet right now; I need to observe Stable's next moves. This situation of executives holding positions across projects is actually rare in traditional finance. However, in the crypto world, it seems to be becoming a trend. This may bring about more technological integration and innovation, but it may also trigger some governance and conflict of interest issues. Overall, I hold a cautiously optimistic attitude towards this news. I will closely monitor the development of Stable to see if I can find some new trading opportunities. After all, in this industry, opportunities often lie in these subtle changes.

#DeFi和稳定币创新# Awesome! The founder of Frax has joined Stable as CTO, which is big news! Sam's addition will undoubtedly bring tremendous value to Stable. As a seasoned expert in the DeFi and stablecoin space, his experience and insights will drive technological innovation at Stable. This also reflects the integration of traditional stablecoins with emerging DeFi forces, likely giving rise to safer and more decentralized stablecoin solutions. I am full of期待 for the future development of Stable and hope this can bring a positive impact to the entire stablecoin ecosystem. Let's all follow this project's progress; there might be some surprises!

#DeFi和稳定币创新# Seeing this news, I find the collaboration between Frax and Stable quite interesting! Sam Kazemian serves as an executive in both companies, this move is quite bold. But thinking carefully, such cross-project collaborations might bring some innovations. Everyone can follow the Stable project more closely, who knows, there might be new opportunities to earn rewards. I suggest you visit Stable's official website or social media to see if there are any Airdrop activities. If there are interaction tasks, we can lay out our strategy in advance. Remember to keep an eye on the relevant updates, opportunities always favor those who are prepared!

For users, having more choices is a good thing. Different stablecoins are suitable for different scenarios: use USDT for trading, USDC for compliance, DAI for DeFi, and FRAX for innovation. The market is no longer dominated by a single player, but rather flourishing with diversity. This competition will force all projects to improve service quality, ultimately benefiting the entire ecosystem. The era of diversification in the stablecoin market has arrived, and the days of monopoly are gone.

[Depth Good Article] The stablecoin market is undergoing a major change, and USDT's dominant position may be at risk? The total market value of stablecoins has just surpassed $283 billion, setting a new historical high, but the biggest news is not this; rather, it is that Tether's market share has fallen below 60% for the first time in 17 months. This figure may seem insignificant, but it suggests that a profound change is occurring in the entire stablecoin landscape. USDT used to be the dominant company, with a market share of more than 85% at its peak. But now, its dominance is being eroded little by little. Competitors such as USDC, DAI, FRAX and others are rising rapidly, each with its own unique advantages. This trend of diversification may be a good thing for the entire crypto ecosystem. Why is USDT losing market share? The core issue is still transparency. Although Tether has always claimed to have sufficient reserves, it has consistently refused to accept a comprehensive audit. In contrast, Circle's USDC publishes audit reports every month, showing the reserve assets clearly. For institutional investors who value compliance, the choice is obvious. Decentralized stablecoins are also on the rise. MakerDAO's DAI completely avoids centralized risks through an over-collateralization mechanism. Although capital efficiency is not as high as that of centralized stablecoins, the advantages of decentralization are irreplaceable in certain scenarios. Especially in the DeFi space, DAI's position is almost unshakeable. Interestingly, algorithmic stablecoins are making a comeback. After learning from the collapse of Luna, the new generation of algorithmic stablecoins has become more cautious and innovative. Frax Finance adopts a partially collateralized mechanism, finding a balance between stability and capital efficiency. Although its scale is still small, the momentum for growth is strong. Regulatory factors are also driving market changes. The GENIUS Act being contemplated in the United States could provide significant advantages for compliant stablecoins. The MiCA regulations in Europe also require stablecoins to meet strict regulatory requirements. Against this backdrop, projects that have laid the groundwork for compliance early on will gain a first-mover advantage. For users, having more choices is a good thing. Different stablecoins are suitable for different scenarios: using USDT for trading, USDC for compliance, DAI for DeFi, and FRAX for innovation. The market is no longer dominated by a single player, but is flourishing with diversity. This competition will compel all projects to improve service quality, ultimately benefiting the entire ecosystem. The era of diversification in the stablecoin market has arrived, and the days of monopoly are gone.

#稳定币市场动态# Wow! The founder of Frax has gone to be the CTO of Stable? This operation is really 666! Is the landscape of stablecoins about to change? 🚀🌙 Sam is about to make big news, USDT better be careful! I bet one Bitcoin, Stable is definitely going to stir up a storm in the stablecoin market. Are all you hodlers ready? The stablecoin war is about to begin, waiting for a big pump! 💎🙌 #稳定币大战 # To da moon

Midday News Update #Web3 💵 Circle’s USDC stablecoin market cap surpasses $70B, hitting a new all-time high. 📈 Former Coinbase CTO predicts Bitcoin will overtake real estate as a primary store of value. 🛠️ Frax founder Sam to also serve as CTO of Stable, the stablecoin blockchain backed by Tether investments. 🎁 Mitosis opens MITO airdrop claims; tokens can be bridged to BSC via Hyperlane for trading. ⚖️ FTX’s former law firm Fenwick & West files motion to dismiss charges related to assisting FTX’s alleged fraud. #CryptoNews #Web3 #Stablecoins #Bitcoin #Airdrop

Morning News Update #Web3 💼 On-chain: A new wallet received $1.48B in ETH from Kraken’s hot wallet, ownership remains unclear. 🏛️ Fed: Governor Waller signals support for a 25 bps rate cut at September’s FOMC. 📈 ETFs: 21Shares files with the SEC to launch a spot SEI ETF. ⚖️ Legal: Former FTX law firm Fenwick & West moves to dismiss fraud-assistance allegations. 🔗 Stablecoins: Frax founder Sam to also serve as CTO of Stable, a blockchain backed by Tether’s investment. #CryptoNews #Web3 #DeFi #Ethereum #ETF

CoinVoice has recently learned that Sam Kazemian, the founder and CEO of Frax, stated on X that he will also serve as the CTO of the stablecoin public chain Stable, which is invested in by Tether, to promote the deep integration of the Frax, Stable, and Tether ecosystems.

The founder of Frax serves as the Chief Technology Officer of Stable, driving innovation. In a significant development in the cryptocurrency space, the founder of Frax, a leading stablecoin protocol, has joined Stable as the Chief Technology Officer (CTO). This strategic move is expected to enhance Stable's technical capabilities and drive innovation in the rapidly evolving world of digital currencies. Frax is known for its unique algorithmic stablecoin model and has...

According to Deep Tide TechFlow news, on August 29, Sam Kazemian, the founder of Frax Finance, stated that he will join the blockchain project Stable as Chief Technology Officer while continuing to serve as CEO of Frax. Stable is an institutional-grade blockchain built for stablecoins.

#BREAKING Frax Founder Joins Stable as Chief Technology Officer #Bitcoin $BTC

According to BiJie.com, on August 29, Sam Kazemian, the founder of Frax Finance, announced that he has joined the new Blockchain project Stable built around Tether's USDT as Chief Technology Officer, while continuing to serve as the CEO of Frax.