The USDH stablecoin vote will choose which issuer mints Hyperliquid’s native dollar peg; validators vote onchain Sunday 10:00–11:00 UTC, needing a two‑thirds supermajority to pass, with major bids from Native Markets, Paxos, Sky, Frax and Agora.
Validators vote onchain Sunday 10:00–11:00 UTC; a two‑thirds stake is required to select USDH’s issuer.
Native Markets, Paxos, Sky, Frax, Agora, Curve, OpenEden and Bitgo remain as bidders; Ethena withdrew and endorsed Native Markets.
Hyperliquid processed $330B in July; HYPE hit an all‑time high of $57.30 per CoinGecko ahead of the vote.
USDH stablecoin vote: Hyperliquid’s validator vote picks the issuer Sunday—read concise bids, vote mechanics, and key implications for traders and the HYPE ecosystem.
What is the USDH vote and why does it matter?
USDH stablecoin is the name of Hyperliquid’s proposed native dollar‑pegged asset, and the vote will decide which issuer controls the canonical USDH, influencing liquidity, reserve management and billions in stablecoin flows within Hyperliquid’s Layer‑1 ecosystem.
Who are the main bidders for USDH?
Leading proposals come from Native Markets, Paxos, Sky, Frax Finance and Agora, with later submissions by Curve, OpenEden and BitGo. Ethena formally withdrew and publicly endorsed Native Markets. Polymarket betting odds currently show Native Markets as the frontrunner, followed by Paxos.
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How will the USDH vote work?
Voting is fully onchain between 10:00 and 11:00 UTC on Sunday. Validator power equals staked HYPE; delegators may change support before and during the window. A proposal requires two‑thirds of total stake to pass. The Hyperliquid Foundation and staking provider Kinetiq, controlling roughly 63% of tokens, have pledged to abstain.
What are each bidder’s key proposals?
Native Markets: Proposed to mint USDH natively on HyperEVM and split reserve yield between HYPE buybacks and ecosystem growth. The team intends to use Stripe’s Bridge for reserve tokenization; that choice drew pushback over possible conflicts. Native Markets names include Max Fiege, MC Lader and Anish Agnihotri.
Source: Haseeb Qureshi
Paxos: Submitted a compliance‑focused proposal aligned with the US Stablecoins Act and EU MiCA, allocating 95% of interest from reserves to HYPE buybacks and redistribution. Paxos highlights prior regulated stablecoin launches, and proposed brokerage integration for USDH.
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Sky: Pledged native multichain support via LayerZero, a portion of its balance sheet deployed into Hyperliquid with a 4.85% return on USDH, and direct profits toward HYPE buybacks and the Assistance Fund.
Frax Finance: Proposed one‑for‑one backing with tokenized US Treasurys via a federally regulated U.S. bank partner (unnamed) and recycling treasury yield fully into the Hyperliquid ecosystem.