USDH and the Search for Another Anchor Framework: The Next Frontier in Stablecoin Evolution

Stablecoins are shaking up traditional finance—and USDH is leading the charge with its search for a new Anchor Framework.

Why It Matters

Stability isn’t just a goal—it’s a necessity. As decentralized finance expands, reliable frameworks become the bedrock of trust. No one wants a repeat of the algorithmic meltdowns that left investors reeling.

The Hunt for a Better Model

The quest isn’t just about code—it’s about resilience. A robust AF could redefine how stablecoins maintain parity, especially during market turbulence. Think less reliance on centralized backing, more innovation in collateralization.

The Finance Jab

Because let’s be real—traditional banks are still trying to figure out wire transfers while crypto nails cross-border settlements in seconds.

What’s Next?

Watch this space. The right framework won’t just support USDH—it could set a new standard for the entire stablecoin ecosystem. Innovation doesn’t wait for permission.

For Ethena, the lowest contribution to the Assistance Fund WOULD still be more than $40 million per year, even in the conservative KPI scenario. At full scale, its contribution rises to nearly $250 million, making it the strongest provider of direct economic value among the three. For Paxos, the lowest level of contribution is around $9 million per year at small scale, while its highest contribution tops out at roughly $183 million once it reaches the largest market share bracket. Native Markets, with a fixed 50% allocation, is currently the leader based on declared intent. Its range runs from about $23 million per year at the low end to around $130 million at full capture.

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