The fight for Hyperliquid’s USDH stablecoin is more than a ticker battle—it’s a referendum on how crypto distribution, governance, and incentives will shape the next trillion-dollar market. 

In this episode of Bits + Bips, Steve Ehrlich sits down with Delta Blockchain Fund’s Kavita Gupta, Galaxy Digital’s Alex Thorn, and Frax founder Sam Kazemian to dig into the big questions: Who will win the USDH war, and why does distribution matter more than design? Are DATs fulfilling their promises—or raising money without accountability? Why are L2s the wrong place for tokenized stocks? And where exactly is the trillion-dollar opportunity in stablecoins?

Sponsors:

Xapo

Walrus

Host:

Steve Ehrlich, Executive Editor at Unchained

Guests:

Kavita Gupta, Founder & Managing Partner of Delta Blockchain Fund

Alex Thorn, Head of Firmwide Research at Galaxy Digital

Sam Kazemian, Founder of Frax Finance

Links:

Unchained: 

The Competition Is On. Who’ll Win the USDH Ticker on Hyperliquid?

Stablecoin Issuers Enter Bidding War to Launch Hyperliquid’s USDH

Sky Joins Bidding War to Launch Hyperliquid’s USDH 

Timestamps:

🎬 0:00 Intro

🔥 4:17 The bidding war for Hyperliquid’s USDH

🗳️ 25:12 Whether the Hyperliquid DAO is truly decentralized

⚠️ 29:22 Are DATs already broken as a product?

🌶️ 35:00 How some DATs avoid fulfilling their promises after raising money

📈 40:27 Why yield-maximization is critical for DATs—and what risks it creates

💵 53:22 Where the trillion-dollar opportunity in stablecoins might actually be

🏛️ 55:35 Why tokenized stocks belong on L1s, not L2s

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