Frax founder Sam Kazemian stated in a social media post that the key insight of the Hyperliquid USDH event is: the true value of a stablecoin issuer lies in the interoperability and deep integration of the economic distribution chain, rather than the obtainable sovereign bond yield.

He stated that candidate parties, including Frax and Paxos, are willing to return 100% of the yield to Hyperliquid, but the actual value should far exceed yield sharing.