Frax founder: The competition for USDH issuance rights is not for potential profits, but to seize a massive distribution scenario

ChainCatcher message, Frax founder Sam Kazemian posted on X, stating that for stablecoin issuers and infrastructure companies, the key point of competing to submit the Hyperliquid stablecoin USDH issuance proposal is not about revenue sharing; the real value lies in achieving interoperability and deep 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 revenue.