What is a fiat stablecoin aligned with Hyperliquid?

HUSD is a public stablecoin project launched by Hyperliquid, which will return stablecoin interest to the ecosystem for repurchasing HYPE, subsidizing interface rates, and supporting the Builder Code model to promote ecological growth. It breaks the USDC/Tether model and allows funds to no longer flow to centralized institutions, but to feed back the community and product development. Hyperliquid, as a leading decentralized exchange for perpetual contracts, challenges the duopoly of fiat stablecoins – Circle and Tether. Currently, about $2.5 billion of cross-chain USDC is locked in the HyperCore order book, with an annual interest yield of about 4.3%, bringing about $107.5 million in revenue to Circle. HUSD aims to bring these values back into the ecosystem and drive the development of Hyperliquid. Most of the HUSD interest income is used to buy back HYPE and support ecosystem growth, especially to promote the Builder Code business model, which helps interface operators collect fees and subsidize users through transactions, promoting user growth and retention. Summary: HUSD integrates transaction-denominated assets and generated cash flow into the platform, transforming it into active and compounding growth in the ecosystem. It is a public good run by Felix, supported by the community, based on @m0foundation's vision of a global stablecoin platform that is poised to disrupt the traditional fiat stablecoin market.