Another day, another stablecoin

Yesterday, in my post about the hype around the USDH ticker, I asked why the Hyperliquid team even needs another stablecoin when USDC has already been firmly established as the dominant one in their ecosystem.

If you remember, I pointed out that one of the contenders for launching USDH – Native Markets – had made it clear they would issue a stablecoin on Hyperliquid regardless of whether they got the USDH name. I thought that level of commitment could be the very reason they’d be chosen.

And now we see it happening: Native Markets are winning the validator vote, and it looks like they’ll become the issuer of the new stablecoin. But I want to pause for a moment and look at another contender – Ethena. They also announced that they’ll launch a stablecoin on Hyperliquid anyway, only under a different name: hUSDe.

And so I’m back to the same question I asked yesterday:
Why?

Why do we need yet another stablecoin when the market is already oversaturated?

Do you know how many choices Rabbit Swap users face when they want to swap USDT? Eighty-nine. And for USDC? Eighty-three. That’s how many tokens with those names (across different chains) are already available on rabbit.io.

So even with just the two market leaders, the confusion is already huge. And that’s without mentioning all the others.

The stablecoin niche feels completely packed – yet new projects keep popping up every single day.

Who actually needs this? Certainly not the users.

Or maybe I’m missing something. Is there anything you feel the current sea of stablecoins is still lacking?