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Frax founder: The competition for USDH issuance rights among various parties is not for potential profits, but to seize a massive distribution scenario.
Odaily News Frax founder Sam Kazemian stated in a post on X that for stablecoin issuers and infrastructure companies, the key point in the competition to submit the Hyperliquid stablecoin USDH issuance proposal is not the profit-sharing, but rather the true value lies in achieving interoperability and Depth 1:1 integration with Hyperliquid's massive distribution scenario. In fact, all parties shortlisted for the proposal (Frax, Paxos, Agora) have expressed their willingness to return 100% of the profits.