Frax founder: The competition for USDH issuance rights is not for potential profits, but to grab a large distribution scenario

According to Odaily Planet Daily, Frax founder Sam Kazemian stated in an article on X that for stablecoin issuers and infrastructure companies, the competition to submit proposals for the Hyperliquid stablecoin USDH isn't about revenue sharing; the real value lies in achieving interoperability and deep, 1:1 integration with Hyperliquid's massive distribution platform. In fact, all shortlisted proposals (Frax, Paxos, and Agora) have offered to return 100% of their profits.