Hyperliquid's USDH stablecoin issuance rights have sparked competition among multiple institutions, with Paxos, Frax, and others submitting bidding proposals.

BlockBeatsSep 7, 2025
#DeFi $HYPE$ENA
On September 8, according to TheBlock, stablecoin issuers such as Paxos, Frax Finance, and Agora are vying for the upcoming USDH stablecoin issuance rights of Hyperliquid. Hyperliquid announced the plan last Friday, stating that the goal is to launch a "Hyperliquid-first, Hyperliquid-aligned, and compliant USD stablecoin," and has reserved the USDH token code for this purpose. Hyperliquid invited teams to submit proposals, and the winner will be selected through validator voting, gaining the right to purchase the token code and issue the token.

Paxos submitted a USDH bid proposal yesterday, promising compliance with MiCA and the GENIUS Act, supporting native deployment on HyperEVM and HyperCore, and providing 95.00% of interest income for $HYPE token buybacks, reallocating the repurchased tokens to "ecosystem programs, partners, and users."

Frax proposed a "community-first" proposal and plans to peg USDH to frxUSD 1:1, with frxUSD supported by BlackRock's yield-generating BUIDL on-chain treasury fund. Frax stated, "100.00% of the underlying treasury bond yields will be directly distributed to Hyperliquid users through on-chain programmatic methods, with Frax charging no fees." Hyperliquid's current stablecoin deposits can generate $220.00M in annualized yield.

Agora has also formed a joint bidding team for USDH, promising that USDH will allocate "100.00% of net income" to Hyperliquid for platform assistance funds or $HYPE token buybacks. In addition, Ethena Labs also hinted on the X platform that it may submit a USDH proposal.

Hyperliquid requires institutions to submit proposals by Wednesday, September 10, and voting will take place on Sunday, September 14. [BlockBeats]

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Hyperliquid's USDH stablecoin issuance rights have sparked competition among multiple institutions, with Paxos, Frax, and others submitting bidding proposals.

BlockBeatsSep 7, 2025
#DeFi $HYPE$ENA
On September 8, according to TheBlock, stablecoin issuers such as Paxos, Frax Finance, and Agora are vying for the upcoming USDH stablecoin issuance rights of Hyperliquid. Hyperliquid announced the plan last Friday, stating that the goal is to launch a "Hyperliquid-first, Hyperliquid-aligned, and compliant USD stablecoin," and has reserved the USDH token code for this purpose. Hyperliquid invited teams to submit proposals, and the winner will be selected through validator voting, gaining the right to purchase the token code and issue the token.

Paxos submitted a USDH bid proposal yesterday, promising compliance with MiCA and the GENIUS Act, supporting native deployment on HyperEVM and HyperCore, and providing 95.00% of interest income for HYPE token buybacks, reallocating the repurchased tokens to "ecosystem programs, partners, and users."

Frax proposed a "community-first" proposal and plans to peg USDH to frxUSD 1:1, with frxUSD supported by BlackRock's yield-generating BUIDL on-chain treasury fund. Frax stated, "100.00% of the underlying treasury bond yields will be directly distributed to Hyperliquid users through on-chain programmatic methods, with Frax charging no fees." Hyperliquid's current stablecoin deposits can generate $220.00M in annualized yield.

Agora has also formed a joint bidding team for USDH, promising that USDH will allocate "100.00% of net income" to Hyperliquid for platform assistance funds or HYPE token buybacks. In addition, Ethena Labs also hinted on the X platform that it may submit a USDH proposal.

Hyperliquid requires institutions to submit proposals by Wednesday, September 10, and voting will take place on Sunday, September 14. [BlockBeats]

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