Hyperliquid's USDH flywheel is in motion. This is how to build a stablecoin that's actually load-bearing. One that works as an economic engine for the ecosystem. HIP-4 cleared 6M+ contracts in 24 hours of launch. Every single one of them denominated and settled in USDH. Settlement in USDH → demand for USDH → buybacks → protocol revenue loops back in. Most protocols treat their stablecoin as a convenience layer. Hyperliquid treats USDH as infrastructure. The base layer every product is built on top of. Perps. Spot. HIP-4 binary outcome markets. Cross-margin collateral. All of it running through USDH. The playbook: • Build the exchange first • Make your stablecoin the settlement layer for everything • Every new product = more USDH demand = stronger flywheel This changes how ecosystems think about their valuations and distribution.(Covalent)