Why the War Over the USDH Ticker on Hyperliquid Is Bullish for Crypto - Ep. 902

In this episode of Unchained, Laura Shin interviews Shuyao Kong, co-founder of MegaETH, about the competition for the USDH stablecoin ticker on Hyperliquid. They discuss the trend of protocols owning the stablecoin narrative and redistributing revenue back to the community. Shuyao shares insights on MegaETH's decision to launch its stablecoin, USDM, and how the Hyperliquid drama influenced their announcement timing. She also explains the factors MegaETH considered when choosing a partner for USDM, ultimately selecting Athena due to their track record and ability to address compliance issues. The conversation explores the concept of being "Hyperliquid aligned," critiques of different arguments made during the competition, and the potential future of protocol native stablecoins in the ecosystem.