#稳定币竞争# Looking back in history, the competition in the stablecoin space has always been intense. Paxos' involvement in the competition for USDH issuance rights reminds me of the rivalry between USDC and USDT back in the day. At that time, Circle rapidly rose to prominence with its compliance advantages, posing a strong challenge to Tether.

It now appears that Paxos is also taking a similar route. It not only emphasizes its own Compliance qualifications but also promises to use 95% of the interest income for the repurchase of HYPE. This strategy is quite attractive, as it showcases its own strength while also appealing to the HyperLiquid ecosystem.

But we must not forget that the stablecoin market is a mature and highly competitive field. Paxos faces not only the choice of HyperLiquid but also competition from rivals such as Frax Finance and Ethena Labs. Whether it can stand out will depend on how it balances regulatory requirements with market demand.

Based on historical experience, compliance is indeed an important advantage, especially for projects pursuing long-term stable development. However, factors such as technological innovation, ecosystem construction, and user experience cannot be ignored. Paxos predicts that USDH may become an asset with a market value exceeding 10 billion USD, which sounds ambitious, but achieving it will still require the test of time.

Regardless of the final outcome, this competition will bring new vitality to the stablecoin market. As a witness of the industry, I look forward to seeing more innovations and breakthroughs that will drive the development of the entire cryptocurrency ecosystem.