Thoughts on Paxos new proposal: -HYPE listing is pretty significant as PayPal/Venmo are selective w assets (Both only have BTC,ETH, SOL, LTC, BCH, and LINK). Can't tell exactly the demand but 2024 PayPal 10-k listing shows that they custodied $2.8B of crypto funds - so not insignificant. Would also be the first US venue to offer HYPE. -"Both HYPE and USDH will be added to our brokerage infrastructure (...) offering builder code access to the order flow brought in from distribution platforms." Implication here is that assets are integrated via builder codes (revenue goes to HL). -"We can onboard tokenized asset issuers who are bringing coveted offchain assets onchain and are looking for access to instant liquidity and active traders, making Hyperliquid their destination of choice." Actually think this is the key point, Huge to have Paxos (largest Tokenized gold issuer) assisting w bringing offchain assets and making them tradable on Hyperliquid. -"Paxos will also enable any enterprise the ability to launch credit/debit cards that accept USDH and the other structured products launched in the HyperEVM ecosystem as collateral." Love this. Would personally use -$20MM in incentives committed to the HYPE ecosystem by PayPal. Paypal is taking this seriously - and thinking longer term, since even at $5B 5% rev fee to Paxos this is 10m /year. -Paxos will be building an Earn product on top of USDH ... along with a suite of tokenized HLP products to support the growth of HIP-3 market deployers. Again interesting Very strong proposal -- while listings are nice in the short term, the selling point for me is involvement w/ getting tradfi instruments on chain via HIP-3.