Hyperliquid is positioning itself as a strong DeFi ecosystem by integrating Paxos for its native stablecoin, USDH. Paxos's extensive regulatory coverage, global funding rails, and experience with major platforms like PayPal and Binance could significantly enhance Hyperliquid's utility and adoption as an exchange and L1. The support for HYPE on Paxos's brokerage platform could also increase its distribution and liquidity.