As mentioned before, one of the three main themes for the future is stablecoins, and I feel that stablecoins will be the biggest theme because they are the most user-friendly and can reach the largest number of users. Other DEFI and RWA will also be related to stablecoins to some extent. People in the cryptocurrency industry should also be able to feel the surge of stablecoins. A large number of stablecoins have arrived or are on their way, and there are also a lot of projects based on stablecoins that entrepreneurs are brainstorming. Once the scale of stablecoins takes off, related downstream industries will also explode. Now you're too embarrassed to say you're a crypto project without some stablecoin related products. The fact is that if we don't keep up with such a big trend, we are likely to be marginalized or even lose users in the future, and even have zero coin prices. HYPE has also begun to expand its business line and launched its stablecoin product, hwHLP。 Simply put, it is a "profit token" that can be exchanged for hwHLP by depositing USDe or USDT0. The token is linked to the HLP vault earnings on the Hyperliquid platform, including market making, clearing, and transaction fee sharing. HLP Treasury itself has been operating in the industry for some time, characterized by low volatility and stable returns, with an annualized volatility of only 17.89%, lower than BTC's 45.67% And it is also negatively correlated with Bitcoin. When the market falls, it often performs more steadily and can even rise. This characteristic is scarce in the volatile cryptocurrency market. Will hwHLP be adopted? it will be. One reason is its low volatility and real returns. The main source of income for HLP Treasury comes from platform transaction fees, such as contract trading and clearing fees on Hyperliquid. These incomes are relatively stable and do not rely on speculative prices. And as the size of the vault increases, its volatility is further converging, which is a rare risk return ratio in DeFi. The second is the improvement of financial efficiency. After hwHLP tokenization, what you hold is no longer "locked funds", but a liquid and tradable voucher. For example, on lending platforms like Hyperlend, you can directly use hwHLP as collateral to borrow stablecoins, and the borrowed money can be reinvested back into the vault with leverage to earn more profits. This solves the old problem of "idle funds" in traditional DeFi mining. The third is natural application scenarios with ecological support. The HyperEVM ecosystem project will actively support hwHLP, and Hyperlend will also support it as collateral, which means that hwHLP has application scenarios from birth and is not fighting alone. HwHLP is also positive for the ecology of HYPE. It is equivalent to opening a "drainage entrance" for HLP treasury. More funds may flow into the treasury through it, further boosting the platform's TVL. The larger the size of the vault, the stronger the market making and clearing capabilities, and the better the platform trading experience, forming a positive cycle. Hyperlend uses hwHLP as collateral to activate lending demand. The user mortgages hwHLP to borrow money with leverage, and the agreement earns interest difference, benefiting both parties. It also has a positive impact on the coin price of HYPE. HwHLP may bring more treasury deposits, which will have a positive impact on increasing trading volume, increasing transaction fees and accelerating HYPE's repurchase and destruction. At the same time, this also creates application scenarios for USDe and has a certain positive effect on ENA. HwHLP represents a trend where DeFi profits are being 'tokenized'. It packages complex market making strategies into simple tokens, lowering the threshold for ordinary users to participate in professional strategies. However, Hyperliquid currently does not require KYC, and hwHLP does not comply with the latest stablecoin regulations in the United States. It may be difficult to make it too large, as it relies heavily on the scale of HLP. However, if it can help the ecosystem, it may achieve the project's goals.