the USDH proposals are a great demonstration of both:
1) how competitive it is for new stablecoin issuers
2) how highly these issuers view HL’s significance
however, i think people are discounting the network effect of large existing stablecoins like USDT/USDC
cross-venue price arbitrage may decline if USDH becomes the canonical stablecoin on the chain - but it’s unclear to me at least what % of total volume is derived from that today
also kinda wild all the governance convo happens in one single discord channel
USDH & HIP-3 are the two largest coordination challenges HL has faced to date imo - fascinating stuff
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