Hyperliquid prepares for pivotal vote on native USDH stablecoin
Hyperliquid, the decentralized exchange and Layer-1 blockchain, has set September 14 as the date for a key governance vote to determine which team will be granted the USDH ticker to issue a native stablecoin on its network.
The vote will be conducted between 10:00 and 11:00 UTC, with validators making stake-weighted decisions by submitting the addresses corresponding to their preferred issuer, reports Crypto News.
Before voting begins, teams must finalize proposals by September 10, while validators are expected to publicly declare their positions by September 11 to allow users to delegate stakes accordingly. The Hyperliquid team emphasized that the decision concerns only the ticker assignment and does not provide the chosen team with exclusive rights, as multiple stablecoins will continue to coexist on the network.
Four teams submit proposals for USDH designation
So far, four groups—Paxos Labs, Frax Finance, Agora, and Native Markets—have submitted proposals to manage the USDH stablecoin. Each bidder has presented distinct models for collateralization and distribution. Paxos and Frax bring established reputations in stablecoin issuance, while Agora has proposed directing net revenue from its reserves into Hyperliquid’s Assistance Fund or HYPE token buybacks.
Native Markets, a project rooted in the Hyperliquid ecosystem, has emphasized its alignment with the chain’s growth. The competitive process underscores the protocol’s goal of ensuring that USDH is not only compliant but also aligned with Hyperliquid’s liquidity and ecosystem expansion objectives.
USDH aimed at reducing reliance on bridged stablecoins
The introduction of USDH is part of Hyperliquid’s broader plan to improve liquidity and user experience while reducing dependency on bridged stablecoins. Currently, USDC dominates the chain’s stablecoin market, accounting for 95% of its $5.6 billion supply, according to DefiLlama. By launching a Hyperliquid-first stablecoin, the protocol hopes to diversify its monetary base and create a more resilient financial layer. With validators preparing to vote and issuers actively competing, the outcome will mark an important step in shaping the stablecoin landscape of one of the fastest-growing ecosystems in decentralized finance.
Recently we wrote that stablecoin pioneer Paxos has unveiled plans to launch USDH — a fully regulated, dollar-pegged token created specifically for the Hyperliquid ecosystem.
Latest Crypto News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
