Crypto exchange Hyperliquid announced plans to launch a dollar-pegged stablecoin. The decision on its issuance will be put to a validator vote, but the project already attracted the attention of leading industry players, sparking fierce competition.
Decentralized derivatives exchange Hyperliquid revealed plans to issue USDH, its own dollar-pegged stablecoin. In a Discord post, the team stated that the initiative is still under discussion, with the final decision to be made through a validator vote.
The choice of the company to develop the new asset will also be subject to a vote, immediately triggering competition among top issuers eager to take part in creating and launching USDH. The following contenders expressed interest:
- Paxos proposed issuing USDH in full compliance with the U.S. GENIUS Act and Europe’s MiCA regulations. Paxos pledged to allocate 95% of stablecoin reserve income to buy back HYPE tokens for redistribution among users, validators, and partners. The stablecoin would be deployed on both HyperEVM and HyperCore, broadening institutional and FinTech access. Paxos also plans to leverage its global network of over 70 financial partners and integration experience with PayPal, Venmo, and MercadoLibre to scale USDH institutionally.
- Stripe suggested issuing USDH via its payment platform Bridge, pledging to direct part of reserve income to the Hyperliquid Assistance Fund while ensuring regulatory compliance. However, the proposal faced criticism from rivals citing potential conflicts of interest, as Stripe is simultaneously developing its own blockchain, Tempo, which could divert users away from Hyperliquid.
- Agora, with support from payment provider MoonPay, promised to deliver the “regulated payment rails” and community-friendly terms for USDH, avoiding centralization risks and ecosystem “capture.” The initiative already gained backing from venture investors who called it the most promising option.
- Frax proposed a radical model — directing all reserve income from USDH back to the community. Unlike rivals pledging partial revenue sharing, Frax’s version would be based on its frxUSD stablecoin, ensuring full collateralization and an open economy.
- Sky (formerly Maker) emphasized yield and DeFi investments. Rune Christensen, Co-Founder of the protocol, proposed issuing USDH with a 4.85% yield on Hyperliquid, convertible into USDS with a 4.75% yield. He also pledged $25 million to develop an autonomous DeFi fund within Hyperliquid and build a multichain infrastructure for the stablecoin via LayerZero.
Against the backdrop of tightening stablecoin regulations in the U.S., Europe, and Asia, the chance to become the issuer of USDH is seen by these companies as a strategic move to secure long-term presence in the fast-growing Hyperliquid ecosystem.
Beyond the stablecoin launch, the Hyperliquid team is preparing updates for the spot market. Plans include an 80% fee reduction for pairs between two spot-quoted assets, boosting liquidity and improving user experience. Hyperliquid also intends to expand access to spot quotes for all ecosystem participants.
Excitement surrounding the USDH launch pushed Hyperliquid’s native token HYPE to new ATHs several times, reaching $54.85, according to CoinGecko. The surge attracted the attention of major TradFi players. Singapore-based Lion Group Holding, a Nasdaq-listed trading platform, announced plans to convert all its treasury assets into HYPE.
Read more about how cryptocurrencies are transforming in the corporate world, from speculative assets into a cornerstone of advanced treasury strategies, in CP Media’s special feature.
Сообщение Major Issuers Compete for Right to Launch Hyperliquid’s Stablecoin появились сначала на CoinsPaid Media.