In a recent clip shared by crypto journalist Laura Shin on X, Shuyao Kong, co-founder of MegaETH and known on the platform as @hotpot_dao, breaks down a key concept for blockchain ecosystems: the need for two distinct types of stablecoins. This insight comes from episode 902 of the Unchained podcast, where Kong discusses how stablecoins divide users into "two tribes" and why projects like Hyperliquid must cater to both to thrive.

Stablecoins are cryptocurrencies designed to maintain a steady value, usually pegged to the US dollar. They're crucial in the crypto world because they provide a safe haven from the volatility of assets like Bitcoin or meme tokens. But as Kong explains, not all stablecoin users are the same. She identifies two main groups: yield-sensitive users and yield-agnostic users.

Yield-sensitive users are those who chase higher returns. They're not satisfied with the roughly 5% yield from traditional US Treasury bills (T-bills). Instead, they want their stablecoins to offer DeFi yields—returns generated through decentralized finance protocols that can be leveraged in trading pairs. Think of it like putting your money to work in high-interest savings but on the blockchain, where risks are higher but so are potential rewards. Examples Kong mentions include Ethena's USDe, which provides yield through strategies like staking and hedging, and newer ones like the CAP protocol.

On the other hand, yield-agnostic users prioritize stability over extra earnings. They just want a reliable dollar equivalent for transactions, holding, or escaping market swings without worrying about yields. Popular options here are USDC from Circle, USDT from Tether, and perhaps USDH in certain ecosystems.

Kong emphasizes that for any blockchain ecosystem to succeed—whether it's a high-speed chain like MegaETH or a DeFi hub like Hyperliquid—you need both types. "You got to have both," she says in the clip. Without them, you're alienating half your potential user base. Hyperliquid, a decentralized perpetuals exchange, is highlighted as an example where integrating both could be a game-changer for attracting diverse traders.

Now, how does this tie into meme tokens? Meme coins, like those inspired by internet culture (think Dogecoin or newer viral tokens), often rely on stablecoins for liquidity and trading pairs. Yield-sensitive traders might use high-yield stablecoins to farm rewards while holding positions in volatile memes, amplifying their gains. Meanwhile, yield-agnostic folks use plain stablecoins to quickly buy or sell during meme hype cycles without extra complications. In a fast-paced environment like MegaETH, which aims to be the "first real-time blockchain" with blazing transaction speeds, having both stablecoin types could supercharge meme token launches and trading, making it a hotspot for community-driven projects.

MegaETH itself is making moves in this space. Recently, they announced their own stablecoin, USDm, in partnership with Ethena. This positions them to support yield-bearing options right out of the gate, potentially drawing in meme enthusiasts who love the blend of fun, speed, and financial incentives. The project's meme-friendly vibe—complete with quirky tiger illustrations in the podcast clip—hints at a culture that embraces the lighter side of crypto.

If you're diving into meme tokens or building on blockchain, Kong's advice is a reminder: balance is key. Cater to risk-takers seeking DeFi yields and conservatives wanting simple stability, and your ecosystem stands a better chance of winning big.

For the full discussion, check out the Unchained podcast episode where Kong dives deeper into MegaETH's vision and stablecoin strategies.