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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