Paxos is competing to become the issuer of HyperLiquid's stablecoin USDH, promising to use some of the proceeds to buy back HYPE.

BlockBeatsSep 7, 2025
#DeFi $HYPE
On September 7, stablecoin issuer Paxos released a proposal titled "USDH Issuance Supported by Paxos," competing to become the issuer of HyperLiquid's stablecoin USDH. Paxos stated that if selected as the USDH issuer, it would implement a revenue-sharing plan, where Paxos would allocate 95% of the interest from the reserves supporting USDH to repurchase $HYPE and redistribute it to ecosystem programs, partners, and users.

Previously, on September 5, Hyperliquid announced that it would release the USDH token symbol for stablecoin issuance. The USDH trading pair symbol currently held by the Hyperliquid protocol will be released through a transparent on-chain process via validator voting. After the next network upgrade, validators will be able to vote on whether to allow a specific user address to purchase the USDH symbol. The voting process will be conducted entirely on-chain, completed through Hyperliquid L1 transactions, in the same manner as delisting votes. Teams interested in applying for the symbol can submit proposals in the new forum, which must include the user address that will be used to deploy the USDH symbol if elected and confirmed by a validator quorum. It should be noted that even if a team is approved, it must still participate in the regular spot deployment gas auction. [BlockBeats]

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Paxos is competing to become the issuer of HyperLiquid's stablecoin USDH, promising to use some of the proceeds to buy back HYPE.

BlockBeatsSep 7, 2025
#DeFi $HYPE
On September 7, stablecoin issuer Paxos released a proposal titled "USDH Issuance Supported by Paxos," competing to become the issuer of HyperLiquid's stablecoin USDH. Paxos stated that if selected as the USDH issuer, it would implement a revenue-sharing plan, where Paxos would allocate 95% of the interest from the reserves supporting USDH to repurchase HYPE and redistribute it to ecosystem programs, partners, and users.

Previously, on September 5, Hyperliquid announced that it would release the USDH token symbol for stablecoin issuance. The USDH trading pair symbol currently held by the Hyperliquid protocol will be released through a transparent on-chain process via validator voting. After the next network upgrade, validators will be able to vote on whether to allow a specific user address to purchase the USDH symbol. The voting process will be conducted entirely on-chain, completed through Hyperliquid L1 transactions, in the same manner as delisting votes. Teams interested in applying for the symbol can submit proposals in the new forum, which must include the user address that will be used to deploy the USDH symbol if elected and confirmed by a validator quorum. It should be noted that even if a team is approved, it must still participate in the regular spot deployment gas auction. [BlockBeats]

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