The post Paxos, Ethena and Native Markets Could Vie to Issue USDH on Hyperliquid Ahead of Validator Vote appeared on BitcoinEthereumNews.com.

USDH is a new Hyperliquid-native stablecoin project contested by major issuers (Native Markets, Ethena, Paxos, Sky, Frax, Agora) vying for the USDH ticker; validators will vote on the winning issuer this Sunday, determining which proposal secures Hyperliquid’s canonical stablecoin slot. On-chain vote this Sunday will decide the USDH issuer. Native Markets currently leads while Ethena, Paxos, Sky, Frax, and Agora submit competing GENIUS-compliant proposals. Hyperliquid holds ~$5.84B in stablecoins; a native USDH could capture yield and routing advantages for the network. USDH stablecoin: Hyperliquid stakeholders vote this Sunday to select the issuer; read concise issuer comparisons and vote guidance now. What is the USDH stablecoin and why does it matter to Hyperliquid? USDH stablecoin is the proposed native stablecoin for the Hyperliquid network, designed to reduce reliance on USDC/USDT and capture on-chain yield for the ecosystem. A native USDH would channel reserve revenue and trading utility back into Hyperliquid, benefiting validators, traders, and protocol growth. ‘, ‘ 🚀 Advanced Trading Tools Await You!Maximize your potential. Join now and start trading! ‘, ‘ 📈 Professional Trading PlatformLeverage advanced tools and a wide range of coins to boost your investments. Sign up now! ‘ ]; var adplace = document.getElementById(“ads-bitget”); if (adplace) { var sessperindex = parseInt(sessionStorage.getItem(“adsindexBitget”)); var adsindex = isNaN(sessperindex) ? Math.floor(Math.random() * adscodesBitget.length) : sessperindex; adplace.innerHTML = adscodesBitget[adsindex]; sessperindex = adsindex === adscodesBitget.length – 1 ? 0 : adsindex + 1; sessionStorage.setItem(“adsindexBitget”, sessperindex); } })(); How is the USDH issuer chosen on Hyperliquid? Hyperliquid validators will state voting intentions and cast a final vote in an on-chain election this Sunday. The Hyperliquid Foundation requires the winner to be “Hyperliquid-first” and “Hyperliquid-aligned,” and proposals are evaluated on reserve design, regulatory compliance, revenue-sharing, and ecosystem support. Which issuers are competing to launch USDH? Major issuers and alliances have submitted proposals. Below is a…

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Filed under: News - @ September 10, 2025 11:27 pm