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

ChainCatcher reported that Frax founder Sam Kazemian posted on X, stating that for stablecoin issuers and infrastructure companies, the key point of competing to submit Hyperliquid stablecoin USDH issuance proposals is not about profit sharing. The real value lies in achieving interoperability and deep 1:1 integration with Hyperliquid, which is a massive distribution scenario. In fact, all shortlisted proposers (Frax, Paxos, Agora) have already stated their willingness to return 100% of the profits.