#Base网络发展 The recent battle for USDH has truly been eye-opening. Several major institutions are pulling out all the stops to compete for the issuance rights of Hyperliquid's native stablecoin. Whether it's Paxos promising a 95% Interest buyback of HYPE or Frax directly offering a 100% return to the community, both reflect a new trend where stablecoin issuers are willing to relinquish benefits in exchange for high-quality scenarios. This may signal that the stablecoin sector is entering a brand new phase - major platforms and ecosystems are racing to create their own exclusive stablecoins and achieve internal value circulation through innovative models. For investors, this is undoubtedly good news. However, it's important to remind everyone that while focusing on short-term gains, one must also look at the long term and rationally assess the sustainability and potential risks of each proposal. After all, stablecoins are related to the security of the entire ecosystem, and we should remain cautious and patient, watching the changes unfold.