Stablecoins generate massive value, but the economics are now shifting from issuers to apps and chains that own their distribution. Hyperliquid's USDH launch marks this shift. They had 5.5 billion in stablecoins that generated roughly 220 million annually for external issuers. To capture this back, Hyperliquid ran a competitive bidding process where major stablecoin providers like Native Markets, Paxos, and Ethena competed for the USDH ticker. Native won by offering 50% of reserve yield directly to Hyperliquid's Assistance Fund, with the other 50% reinvested into USDH liquidity. Other protocols are following. Jupiter is launching JupUSD to internalize yield across its product stack. MegaETH is using stablecoin revenue to subsidize sequencer costs. Many major chains now have to choose between outsourcing this revenue or bringing it in house. Ecosystems could redirect this yield toward buybacks or ecosystem incentives, and native tokens can capture these flows directly. The next wave of stablecoin economics belong to whoever controls distribution.(Delphi Digital)