[Frax Founder Discusses Hyperliquid USDH Competition: Interoperability Value Exceeds Yield] BlockBeats News, September 8 – Frax founder Sam Kazemian stated on social media that the key takeaway from the Hyperliquid USDH incident is that the true value of stablecoin issuers lies in the interoperability and deep integration of the economic distribution chain, rather than the obtainable treasury yields. He noted that candidates, including Frax and Paxos, are willing to return 100% of the yield to Hyperliquid, but the actual value should far exceed yield sharing.