Multiple institutions are vying for the right to issue Hyperliquid's USDH stablecoin, with Paxos, Frax, and others having submitted bidding proposals.

ChainCatcherSep 7, 2025
#DeFi $HYPE$ENA
Stablecoin issuers Paxos, Frax Finance, Agora, and others are vying for the right to issue Hyperliquid's upcoming USDH stablecoin. 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 ticker for this purpose. Hyperliquid invited teams to submit proposals, and the winner will be selected through validator voting and will gain the right to purchase the ticker and issue the token. Paxos submitted its USDH bid proposal yesterday, promising compliance with MiCA and GENIUS legislation, support for native deployment on HyperEVM and HyperCore, and offering 95.00% of interest income for $HYPE token buybacks, with the repurchased tokens being redistributed to "ecosystem programs, partners, and users." Frax proposed a "community-first" proposal and plans to peg USDH to frxUSD 1:1, with frxUSD backed by BlackRock's yield-generating BUIDL on-chain treasury fund. Frax stated that "100.00% of the underlying treasury yield will be directly distributed to Hyperliquid users through on-chain programmatic means, with Frax not charging any 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 revenue" to Hyperliquid for platform assistance funds or $HYPE token buybacks. Ethena Labs also hinted on the X platform that it may submit a USDH proposal. Hyperliquid requires companies to submit proposals by Wednesday, September 10, and voting will take place on Sunday, September 14. The Hyperliquid Foundation stated that it will "effectively abstain" from participating in the vote. [ChainCatcher]
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Multiple institutions are vying for the right to issue Hyperliquid's USDH stablecoin, with Paxos, Frax, and others having submitted bidding proposals.

ChainCatcherSep 7, 2025
#DeFi $HYPE$ENA
Stablecoin issuers Paxos, Frax Finance, Agora, and others are vying for the right to issue Hyperliquid's upcoming USDH stablecoin. 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 ticker for this purpose. Hyperliquid invited teams to submit proposals, and the winner will be selected through validator voting and will gain the right to purchase the ticker and issue the token. Paxos submitted its USDH bid proposal yesterday, promising compliance with MiCA and GENIUS legislation, support for native deployment on HyperEVM and HyperCore, and offering 95.00% of interest income for HYPE token buybacks, with the repurchased tokens being redistributed to "ecosystem programs, partners, and users." Frax proposed a "community-first" proposal and plans to peg USDH to frxUSD 1:1, with frxUSD backed by BlackRock's yield-generating BUIDL on-chain treasury fund. Frax stated that "100.00% of the underlying treasury yield will be directly distributed to Hyperliquid users through on-chain programmatic means, with Frax not charging any 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 revenue" to Hyperliquid for platform assistance funds or HYPE token buybacks. Ethena Labs also hinted on the X platform that it may submit a USDH proposal. Hyperliquid requires companies to submit proposals by Wednesday, September 10, and voting will take place on Sunday, September 14. The Hyperliquid Foundation stated that it will "effectively abstain" from participating in the vote. [ChainCatcher]
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