Sky Mavis: USDH was initially meant to be fully decentralized and will undergo necessary adjustments to ensure compliance

BlockBeats News, September 9th, Sky co-founder Rune stated at the "USDH Stablecoin Roundtable" hosted by Hyperliquid that decentralization is the original intention of our participation in cryptocurrency. The traditional financial system has begun to accept and embrace cryptocurrency, and providing a way to offer permissioned and compliant mechanisms is a good bridge. We need to advance in a way that does not give up the core advantage of decentralization while also not losing the original characteristics of cryptocurrency. The method that Sky provides to the HyperLiquid community for USDH is to initially launch a fully decentralized stablecoin. A decentralized stablecoin design inherently has many protective mechanisms that can prevent issues such as corruption or incompetence that centralized issuers may face, thus users already have out-of-the-box protection. However, it is clear that regulatory approval is still needed, as well as additional clarity, which is very beneficial for compliance with the regulatory framework. Sky will let the community decide how to strike a balance between decentralization and compliance. It is entirely possible to make necessary adjustments on a highly decentralized infrastructure to meet the requirements of regulatory bodies.

BlockBeats previously reported that last Friday, Hyperliquid announced the launch of a "Hyperliquid-prioritized, Hyperliquid-concept-aligned, and compliant USD stablecoin" and reserved the USDH token code for this purpose. Subsequently, many stablecoin issuers, including Paxos, Frax Finance, Ethena Labs, and Agora, have rapidly entered into the competition for the issuance rights of the USDH stablecoin.