@werwrwfsdsgf

USDT vs USDH competition — DeFi activity impact USDT’s deep liquidity anchors global trading; a native/validator-backed USDH (Hyperliquid proposals) could concentrate on-chain liquidity inside its ecosystem, lowering fees/slippage there and shifting some AMM/DEX flows. More native stablecoins increase composability but also fragment liquidity unless bridges or rails coexist.

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