Bits + Bips: Hyperliquid’s USDH Bidding War & Why the DAT Model Is Broken - Ep. 900

In this episode of Bits and Bits, Steve Ehrlich hosts Sam Kazemian, Kavita Gupta, and Alex Thorn to discuss the bidding war surrounding Hyperliquid's stablecoin, USDH, and the broader implications for stablecoin distribution and branding. The conversation explores whether major players like Circle will adapt to this new landscape, the potential for branded stablecoins from large ecosystems, and the importance of distribution networks. The panel also delves into Digital Asset Treasuries (DATs), examining their evolution, investment strategies, and the role of governance, as well as the risks associated with DATs engaging in DeFi activities. Finally, the panel touches on Galaxy tokenizing its shares on Solana, and the implications of using Layer 1 blockchains versus Layer 2s for tokenized stocks.