#稳定币监管与发展 Analyzed the bidding results of Hyperliquid's USDH stablecoin, with Native Markets leading by 97%, almost securing victory. They proposed a unique reserve management and interest distribution mechanism that ensures Compliance while giving back to the ecosystem. Although Native Markets has relatively low visibility, it has gained widespread support from the community thanks to its deep experience in the Hyperliquid ecosystem and its heavyweight team members. This result reflects a new trend where stablecoin issuers are willing to forgo profits in exchange for opportunities for scenario distribution. If USDH successfully launches and achieves a positive cycle, it may trigger significant changes in the industry's stablecoin strategies, ushering in the "Stablecoin 2.0 era". Continuous attention is needed on the actual performance of USDH and its impact on the entire stablecoin market.