The competition for Hyperliquid’s native stablecoin has been fierce. Shuyao Kong of MegaETH, which just announced USDm, explains why every chain will have a protocol-native stablecoin.

From Ethena suddenly pulling out, to Paxos revamping its bid, to whispers of favoritism, the contest has put protocol-native stablecoins in the spotlight.
In this episode, MegaETH co-founder Shuyao Kong, who just announced their own stablecoin USDm, speaks about why they chose Ethena as a partner, and why alignment with Hyperliquid matters more than short-term incentives.
She also explains why ecosystems need both yield-chasing and yield-agnostic stablecoins — and whether Circle and Tether could be pushed aside in the next wave of competition.