PANews reported on September 14 that according to Cointelegraph, Mert Mumtaz, CEO of RPC node provider Helius, said that as exchanges abstract different priced stablecoins on the back end and only provide users with "dollar" options, stablecoins pegged to the US dollar will eventually lose their price codes.

Mumtaz said that the bidding war for Hyperliquid's US dollar stablecoin (USDH), and the proposals of multiple companies to pledge 100% of their profits to Hyperliquid, show that the stablecoin industry has become "commoditized." It is expected that many companies will issue their own stablecoins in the future, and many existing stablecoin issuers will also build their own payment chains, which may lead to liquidity fragmentation. The best solution to this liquidity problem is for exchanges to accept all stablecoins directly and convert them to the required denomination on the back end without users having to see what is happening. "The end result is that you can't see the code at all. The application will just show "USD" instead of USDC, USDT or USDX, and they will convert all currencies on the back end through a standardized interface."