Another important dynamic here is whether USDH is best launched by a Hyperliquid native team or a large bluechip institution/consortium. An established issuer derisks the opportunity and offers Hyperliquid regulatory support, distribution, and resources. But it’s hard to imagine USDH would ever be the top priority for any of these players. A native team is higher risk, but if well executed, would offer maximum economic and strategic alignment, effectively adding another core contributor to the Hyperliquid ecosystem. With singular focus, such a team could also drive the most expansionary potential. Personally I’m leaning towards a large blue chip institution / consortium. You don’t want to fuck up a product this important. Their involvement would also counterbalance Hyperliquid’s grassroots, anon-driven culture and make the ecosystem more attractive to institutions. That said, I’d like to see the blue-chip players show deeper commitment to the ecosystem before earning that trust.