Mert Mumtaz, chief executive of Helius, a provider of remote procedure call (RPC) nodes, said that dollar-pegged stablecoins will eventually no longer use independent trading codes. At that time, exchanges will consolidate different denominated stablecoins in the background, and only show users the option of "USD".
The battle over Hyperliquid's US dollar stablecoin (USDH), as well as proposals from several companies promising to return 100 per cent of their earnings to Hyperliquid, suggests that the stablecoin space has entered a phase of "commoditisation", he said.
Mumtaz further added that he expects more companies to issue their own stablecoins in the future, while many existing stablecoin issuers will also start building exclusive payment chains. This trend could lead to fragmented liquidity, leaving funds trapped within their respective ecosystems and unable to flow freely.
Web3 executive: The "end game" for dollar stablecoins is to say goodbye to trading codes
2025-09-13 21:33:21
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