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.
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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 concise, factual comparison of the leading contenders and their core commitments to Hyperliquid.
Who is Native Markets and what does it offer?
Native Markets was founded to build a USDH for Hyperliquid and claims readiness to launch within days. It proposes GENIUS Act compliance, Bridge (Stripe-acquired platform) for reserve management, and a 50/50 split of reserve yield between growth partnerships and an Assistance Fund.
What is Ethena’s proposal and BlackRock backing?
Ethena proposes backing USDH with its USDtb and indirect collateralization from a tokenized money market fund tied to BlackRock’s BUIDL fund. Ethena says 95% of reserve revenue will support the Assistance Fund or buy HYPE, and it pledges to cover costs for migrating trading pairs to USDH.
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Paxos positions itself as a regulated issuer with global rails (SWIFT, ACH) and claims GENIUS compliance plus MiCA-aligned operations. Paxos proposes using 95% of interest from reserves to buy HYPE and distribute value to applications and validators.
Sky proposes a natively multichain USDH powered by LayerZero, a 4.85% return for USDH holders on Hyperliquid, and the deployment of part of its balance sheet into the network. Sky emphasizes security, risk management, and long-term support.
Agora proposes a fully controlled issuance with VanEck as asset manager and pledges 100% of net revenue to the Assistance Fund or HYPE buybacks, while urging caution about Bridge/Stripe conflicts. Frax suggests a Frax-led alliance with a regulated U.S. bank and tokenized U.S. treasury backing, returning full treasury yield to Hyperliquid.
Validators should state intentions early Sunday; users can stake to validators aligned with their vote. The winning issuer will be announced after the formal on-chain vote closes the same day.
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