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In this Stabledash live recap, we explore Frax's approach to the Hyperliquid USDH proposal with Sean, VP of Communications, discussing how DeFi-native protocols are positioning themselves for the GENIUS stablecoin era and the trade-offs between customization and regulation. Key Topics Covered: - Frax's evolution from algorithmic stablecoins to GENIUS-compliant frxUSD - The three-part stablecoin operating system: frxUSD, Fraxtal chain, and FraxNet - Partnering with federally chartered banks to address regulatory requirements - Offering 100% economics to Hyperliquid - why efficiency enables this - Building from first principles vs. "stablecoin as a service" models - Multi-chain deployment strategy and Layer Zero infrastructure - The importance of DeFi-native experience for ecosystem growth About the Guest: Sean is VP of Communications at Frax, having recently joined full-time after years of following and writing about the protocol. With a background in hardware engineering and IoT, he discovered DeFi through DePIN projects before focusing on stablecoins as crypto's killer use case. Timestamps: 00:00 - Introduction and Sean's background from hardware to DeFi 01:59 - Journey from DePIN to stablecoins 04:22 - Frax's stablecoin operating system explained 06:18 - TradFi vs DeFi capital and GENIUS compliance 08:43 - What differentiates Frax in the issuance landscape 10:41 - GENIUS licensing timeline and approach 12:02 - Community engagement and tribalism challenges 16:10 - Learnings from the proposal process 20:09 - Customization vs stablecoin-as-a-service models 25:52 - Tokenized treasury wrapping and infrastructure pooling This conversation explores how DeFi-native protocols are adapting to serve both crypto-native and traditional finance markets in the evolving stablecoin landscape. Review all of the USDH Proposals here: https://stabledash.com/news/everything-you-need-to-know-about-hyperliquid-s-usdh #cryptocurrency #crypto #defi #hyperliquid #usdh #stablecoins #blockchain