Bits + Bips: Hyperliquid’s USDH Bidding War & Why the DAT Model Is Broken - Ep. 900
Unchained10 Syys 2025

Bits + Bips: Hyperliquid’s USDH Bidding War & Why the DAT Model Is Broken - Ep. 900

The fight for Hyperliquid’s USDH stablecoin is more than a ticker battle—it’s a referendum on how crypto distribution, governance, and incentives will shape the next trillion-dollar market. In this episode of Bits + Bips, Steve Ehrlich sits down with Delta Blockchain Fund’s Kavita Gupta, Galaxy Digital’s Alex Thorn, and Frax founder Sam Kazemian to dig into the big questions: Who will win the USDH war, and why does distribution matter more than design? Are DATs fulfilling their promises—or raising money without accountability? Why are L2s the wrong place for tokenized stocks? And where exactly is the trillion-dollar opportunity in stablecoins? Sponsors: Xapo Walrus Host: Steve Ehrlich, Executive Editor at Unchained Guests: Kavita Gupta, Founder & Managing Partner of Delta Blockchain Fund Alex Thorn, Head of Firmwide Research at Galaxy Digital Sam Kazemian, Founder of Frax Finance Links: Unchained: The Competition Is On. Who’ll Win the USDH Ticker on Hyperliquid? Stablecoin Issuers Enter Bidding War to Launch Hyperliquid’s USDH Sky Joins Bidding War to Launch Hyperliquid’s USDH Timestamps: 🎬 0:00 Intro 🔥 4:17 The bidding war for Hyperliquid’s USDH 🗳️ 25:12 Whether the Hyperliquid DAO is truly decentralized ⚠️ 29:22 Are DATs already broken as a product? 🌶️ 35:00 How some DATs avoid fulfilling their promises after raising money 📈 40:27 Why yield-maximization is critical for DATs—and what risks it creates 💵 53:22 Where the trillion-dollar opportunity in stablecoins might actually be 🏛️ 55:35 Why tokenized stocks belong on L1s, not L2s Learn more about your ad choices. Visit megaphone.fm/adchoices

Jaksot(1088)

Why Every Company Will Have a Stablecoin — and Why One L2 Isn’t Enough - Ep. 912

Why Every Company Will Have a Stablecoin — and Why One L2 Isn’t Enough - Ep. 912

This week on Unchained, we’ve got a double-header. First, Zach Abrams, CEO of Bridge (acquired by Stripe), unveils Open Issuance, a platform designed to let any company launch its own stablecoin. He ...

1 Loka 20251h 32min

Bits + Bips: Where Is the Most Wealth to Be Made in Crypto: DeFi or CeFi? - Ep. 913

Bits + Bips: Where Is the Most Wealth to Be Made in Crypto: DeFi or CeFi? - Ep. 913

Crypto’s bull run may be far from over, but the battleground is shifting.  On this week’s Bits + Bips, Bill Barhydt of Abra and Robert Leshner of Superstate join Ram Ahluwalia and Steven Ehrlich to d...

1 Loka 20251h 5min

The Chopping Block: Perp Wars & Stablecoin Battles: Hyperliquid, Aster, Tether - Ep. 911

The Chopping Block: Perp Wars & Stablecoin Battles: Hyperliquid, Aster, Tether - Ep. 911

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we’re joined by Farooq Malik, co-f...

26 Syys 20251h 2min

Plasma's Successful Launch, Revenue Over TVL & the Future of Pump.fun - Ep. 910

Plasma's Successful Launch, Revenue Over TVL & the Future of Pump.fun - Ep. 910

How do stablecoin-first blockchains win distribution? Does TVL actually map to value? And why speculation may become the default language of online culture. In this 3-part episode, we explore three d...

26 Syys 20251h 27min

Why Hyperliquid Should Cut Its Total Token Supply Nearly in Half - Ep. 909

Why Hyperliquid Should Cut Its Total Token Supply Nearly in Half - Ep. 909

Crypto investors love to throw around “FDV” as if it’s the ultimate measure of value. But what if that number is more misleading than helpful?  In this episode, DBA’s Jon Charbonneau explains his pro...

24 Syys 202536min

Bits + Bips: How Wall Street Could Make a Killing off the Next Crypto Winter - Ep. 908

Bits + Bips: How Wall Street Could Make a Killing off the Next Crypto Winter - Ep. 908

Markets had a flood of liquidations on Monday, and traders lost over $1.5 billion in positions. So, why are liquidations spiking? Is this a warning or a blip?  Also, could a flood of DAT issuance be ...

23 Syys 20251h 1min

Debate: Should Stablecoin Chains Have an Ethereum L2 or Their Own L1? - Ep. 907

Debate: Should Stablecoin Chains Have an Ethereum L2 or Their Own L1? - Ep. 907

In this episode, Cyber Capital’s Justin Bons and Codex’s Haonan Li challenge the new orthodoxy: whether payments chains should be alt L1s or Ethereum L2s, how “neutrality” and finality matter for real...

19 Syys 20251h 25min

The Chopping Block: Stablecoin-as-a-Service: The Next Big Crypto Gold Rush? - Ep. 906

The Chopping Block: Stablecoin-as-a-Service: The Next Big Crypto Gold Rush? - Ep. 906

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we’re joined by Gordon Liao, Chief...

18 Syys 20251h

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