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Hyperliquid’s decision to launch its native stablecoin USDH has triggered an intense governance battle among major crypto players. At least eight organizations have submitted proposals to issue the token, with Native Markets emerging as the early favorite. The outcome could determine billions in value and shape Hyperliquid’s future ecosystem.
- Native Markets proposes hybrid reserves managed by BlackRock (off-chain) and Stripe's Bridge platform (on-chain), with 50% of yield for HYPE buybacks
- Paxos revised proposal includes PayPal partnership embedding USDH into PayPal/Venmo, listing HYPE on PayPal ramps, and $20M ecosystem incentives
- Community concerns include potential conflict with Stripe's Tempo blockchain and questions about whether Native Markets had advance RFP knowledge
📎 Related coverage from: cryptoslate.com
Related Tags: BlackRock Circle Stablecoin
Other Tags: Ethena, Hype, USDC, Alex Svanevik, Haseeb Qureshi, Nansen, PayPal, PYPL, DeFi, Dragonfly Capital, Hyperliquid, Paxos, Polymarket, Stripe, Superstate, Venmo