{"id":11281,"date":"2025-09-11T09:45:38","date_gmt":"2025-09-11T09:45:38","guid":{"rendered":"https:\/\/cryptonewsdesk.com\/?p=11281"},"modified":"2025-09-11T09:45:47","modified_gmt":"2025-09-11T09:45:47","slug":"hyperliquids-usdh-stablecoin-race-sparks-fierce-competition-and-controversy","status":"publish","type":"post","link":"https:\/\/cryptonewsdesk.com\/index.php\/2025\/09\/11\/hyperliquids-usdh-stablecoin-race-sparks-fierce-competition-and-controversy\/","title":{"rendered":"Hyperliquid\u2019s USDH Stablecoin Race Sparks Fierce Competition and Controversy"},"content":{"rendered":"\n<p>Hyperliquid is pushing ahead with plans to launch <strong>USDH<\/strong>, its own stablecoin, in a move that could reshape the platform\u2019s $5.5 billion reserves and reduce its reliance on Circle\u2019s USDC. But as the <strong>Sept. 14 vote<\/strong> approaches, the contest to decide who will issue USDH has turned into a high-stakes battle raising questions about fairness and favoritism.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why Hyperliquid Wants USDH<\/h2>\n\n\n\n<p>Currently, most of Hyperliquid\u2019s reserves are held in USDC, generating about <strong>$200 million annually for Circle<\/strong>. By creating USDH, Hyperliquid hopes to keep more of that yield in-house, strengthen control over liquidity, and give users a direct stake in the platform\u2019s growth.<\/p>\n\n\n\n<p>The exchange opened the process through a <strong>request for proposal (RFP)<\/strong>, inviting corporate and DeFi players to pitch their versions of USDH. The winner could end up handling billions in trading volume and securing a lucrative slice of reserve revenue.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Bidders and Their Proposals<\/h2>\n\n\n\n<p>\ud83d\udd39 <strong>Ethena Labs<\/strong> \u2013 Plans a USDH fully backed by USDtb, linked to BlackRock\u2019s BUIDL fund and issued via Anchorage Digital Bank. They\u2019ve promised to return <strong>95% of net revenue<\/strong> to Hyperliquid and cover costs of migrating trading pairs from USDC.<\/p>\n\n\n\n<p>\ud83d\udd39 <strong>Paxos<\/strong> \u2013 Best known for powering <strong>PayPal\u2019s PYUSD<\/strong> and Binance\u2019s BUSD, Paxos emphasizes regulatory compliance under NYDFS and MiCA. Their proposal includes <strong>integrating PayPal and Venmo<\/strong> rails into USDH and directing <strong>95% of yield into HYPE buybacks<\/strong>.<\/p>\n\n\n\n<p>\ud83d\udd39 <strong>Frax Finance<\/strong> \u2013 Wants to peg USDH to frxUSD and Treasuries, sending all Treasury yield directly to Hyperliquid users. Their approach leans on <strong>DeFi-native yield mechanisms<\/strong>.<\/p>\n\n\n\n<p>\ud83d\udd39 <strong>Sky Ecosystem (formerly MakerDAO)<\/strong> \u2013 Proposes a decentralized model with a <strong>4.85% yield<\/strong> backed by an $8B balance sheet. They also want to integrate buybacks into Hyperliquid and launch a <strong>\u201cHyperliquid Star\u201d initiative<\/strong> for ecosystem growth.<\/p>\n\n\n\n<p>\ud83d\udd39 <strong>Agora<\/strong> \u2013 A privacy-focused DeFi protocol pledging to send <strong>100% of net income<\/strong> from USDH reserves into platform support funds or HYPE buybacks, framing it as a <strong>community-driven growth model<\/strong>.<\/p>\n\n\n\n<p>\ud83d\udd39 <strong>Native Markets<\/strong> \u2013 Marketed as fully aligned with Hyperliquid, their proposal suggests splitting yield <strong>50\/50<\/strong> between platform growth and an Assistance Fund. However, their lack of prior stablecoin experience has raised concerns.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Analyst and Community Reactions<\/h2>\n\n\n\n<p>Crypto analyst <strong>Sam (@0xCryptoSam)<\/strong> noted that the key to USDH\u2019s success will be finding a \u201clong-term, synergistic partner.\u201d According to Sam, proposals must include <strong>compliance, strong HYPE buybacks, diversified collateral, and deep liquidity.<\/strong><\/p>\n\n\n\n<p>Ethena\u2019s proposal stood out to him for going beyond standard treasury-backed models by offering <strong>reward-incentivized collateral<\/strong> and even the potential to use assets like BTC, HYPE, or USDe.<\/p>\n\n\n\n<p>Meanwhile, <strong>Paxos appeals to institutions<\/strong> with its regulatory assurances, while <strong>Frax and Sky<\/strong> cater to DeFi users by focusing on yield and transparency. <strong>Native Markets<\/strong>, on the other hand, has attracted suspicion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Allegations of Favoritism<\/h2>\n\n\n\n<p>Concerns about the process being rigged have been growing louder. <strong>Haseeb Qureshi of Dragonfly<\/strong> called the RFP \u201ca bit of a farce,\u201d arguing that Native Markets appeared to have <strong>advance notice<\/strong>. Their proposal was published almost immediately after the RFP went live, while other teams scrambled to prepare over the weekend.<\/p>\n\n\n\n<p>According to Qureshi, more than half of the bidders privately agreed the process was tilted in favor of Native Markets but chose not to speak publicly for fear of backlash.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Bigger Picture<\/h2>\n\n\n\n<p>The final decision on <strong>Sept. 14<\/strong> will determine whether Hyperliquid\u2019s stablecoin project becomes a regulatory-friendly institutional product, a DeFi-first innovation, or a hybrid model.<\/p>\n\n\n\n<p>But the controversy over fairness underscores the stakes: whichever team wins will not only define USDH\u2019s structure but also influence the future of Hyperliquid\u2019s ecosystem, reserves, and the long-term value of the <strong>HYPE token<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hyperliquid is pushing ahead with plans to launch USDH, its own stablecoin, in a move that could reshape the platform\u2019s $5.5 billion reserves and reduce its reliance on Circle\u2019s USDC. But as the Sept. 14 vote approaches, the contest to decide who will issue USDH has turned into a high-stakes battle raising questions about fairness&#8230;<\/p>\n","protected":false},"author":3,"featured_media":11302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73,63],"tags":[1170,633,175],"class_list":["post-11281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-crypto-news","tag-ethena","tag-hyperliquid","tag-stablecoin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hyperliquid\u2019s USDH Stablecoin Race Sparks Fierce Competition and Controversy - Crypto News<\/title>\n<meta name=\"description\" content=\"Hyperliquid\u2019s USDH stablecoin race heats up as Ethena, Paxos, Frax, and others compete, while favoritism concerns cast doubt 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