Story perspectives

USDH Stablecoin Bidding Heats Up: Native Markets Leads

9/11/2025

Summary

Story summary

Hyperliquid's USDH stablecoin bidding process has drawn nearly a dozen proposals, with Native Markets currently leading at an 87% chance of winning.
Native Markets proposes a hybrid reserve model and a 50/50 revenue split for HYPE buybacks and USDH growth.
Paxos has updated its proposal to include a partnership with PayPal, offering $20 million in incentives.
Ethena and Sky are also contenders, with Ethena pledging 95% of reserve revenue to the Hyperliquid community.
Validators will vote on proposals on September 14, with over half of the voting power still undecided.

History

Historical Context

The launch of Bitcoin in 2014 revolutionized digital finance, introducing a decentralized currency system. This innovation led to the emergence of stablecoins, with Tether (USDT) becoming the first widely adopted, reaching a market cap of over $68 billion by 2021. The ongoing development of stablecoins, like Hyperliquid's USDH, highlights the evolving landscape of cryptocurrencies and their potential to reshape traditional financial systems.

1 of 2

Story summary

Hyperliquid's USDH stablecoin bidding process has drawn nearly a dozen proposals, with Native Markets currently leading at an 87% chance of winning.
Native Markets proposes a hybrid reserve model and a 50/50 revenue split for HYPE buybacks and USDH growth.
Paxos has updated its proposal to include a partnership with PayPal, offering $20 million in incentives.
Ethena and Sky are also contenders, with Ethena pledging 95% of reserve revenue to the Hyperliquid community.
Validators will vote on proposals on September 14, with over half of the voting power still undecided.

1 / 2