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

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 12 September 2025

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stablecoins are supposed to be boring, but the fight for the USDH ticker on Hyperliquid has turned into one of the most dramatic battles in crypto. From Ethena suddenly pulling out, to Paxos revamping its bid, to whispers of favoritism, the contest has put protocol-native stablecoins in the spotlight. In this episode, MegaETH co-founder Shuyao Kong, who just announced their own stablecoin USDm, speaks about why they chose Ethena as a partner, and why alignment with Hyperliquid matters more than short-term incentives. She also explains why ecosystems need both yield-chasing and yield-agnostic stablecoins — and whether Circle and Tether could be pushed aside in the next wave of competition. Thank you to our sponsor, ⁠Token2049⁠! Get 15% off your tickets with the code UNCHAINED! Guest: Shuyao Kong, Co-founder of MegaETH Links: Unchained: The Competition Is On. Who’ll Win the USDH Ticker on Hyperliquid? Bits + Bips: Hyperliquid’s USDH Bidding War & Why the DAT Model Is Broken Ethena Joins Race to Issue Hyperliquid’s USDH Paxos Unveils USDH Proposal V2 With PayPal, Venmo Integrations Sky Joins Bidding War to Launch Hyperliquid’s USDH Stablecoin Issuers Enter Bidding War to Launch Hyperliquid’s USDH Ethena withdraws its proposal The Block: MegaETH launches native USDm stablecoin with Ethena to subsidize sequencer fees Polymarket bet: Who will win the USDH ticker? Timestamps: 🎬 0:00 Intro 🔥 3:02 Why Shuyao is so energized by the USDH ticker war 🔄 4:52 How the USDH drama reshaped MegaETH’s USDm launch 🤝 5:27 What convinced MegaETH to choose Ethena as its partner 🌐 11:20 What it really means to be aligned with an ecosystem 🚪 15:36 How Shuyao views Ethena’s sudden withdrawal from the contest 📣 18:22 Whether public governance decisions will keep gaining influence 🏗️ 20:16 Will protocol-native stablecoins be the winners of the next wave? 💵 21:22 Could Circle and Tether actually get pushed aside on Hyperliquid? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It is such a bullish news for the ecosystem because what is happening is competition is driving more economic back to the user and developers.
0:10.6	So I think that's also why this news is so controversial. It's so significant and it's such a demonstration of, I think just just next step, what the protocol is really about.
0:22.4	It's about bringing economic value back to their uses.
0:28.8	Hey, everyone, welcome to Unchained.
0:30.9	You're a no-hyped resource for all things crypto.
0:32.9	I'm your host, Laura Shin.
0:34.6	This is the September 12th, 2025 episode of Unchained. The crypto world is buzzing.
0:40.4	On October 1st and 2nd, 25,000 people will be at Token 2049 Singapore, the largest crypto
0:46.1	event in the world, featuring headline speakers like Eric Trump, Vlad Tenev, Tom Lee, Bologi
0:52.5	Srinivassin, and Arthur Hayes.
0:54.9	Visit asia.tokin249.com now to get 15% off tickets with the code unchained.
1:02.7	Today's guest is Shuiya Kang, co-founder of Mega Eve.
1:06.0	Welcome, Shuiyahu.
1:07.4	Thank you, Laura.
1:08.4	I have been a long-term fan of your podcast and book. It's such a pleasure to be here.
1:15.6	Thank you. That's so sweet. Well, I'm excited to have you. Listeners might actually already know you because you appeared on the chopping block, but they called you Brother Bing throughout and went into a whole thing about how you even got that nickname.
1:28.8	So for those of you who know Brother Bing, this is Brother Bing.
1:32.3	But yes, we have used her real name here.
1:35.0	Okay, so we are in the midst of what has so far been a very intense competition
1:40.0	for the USDA stable coin ticker on Hyperliquid.
1:43.9	We actually already did an episode on this.
1:45.7	We listened to two of the teams, kind of, you know, talking about like what they were
	...

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