Hyperliquid: The Biggest Crypto Projects Battling for the USDH Stablecoin
The post Hyperliquid: The Biggest Crypto Projects Battling for the USDH Stablecoin appeared on BitcoinEthereumNews.com. In brief Projects are fighting over who will take control of the USDH ticker to create a “Hyperliquid-aligned” stablecoin. Major companies like Ethena, Paxos, Sky, and Agora have submitted proposals, most of which include a way to give back to the Hyperliquid community. But the relative newcomer Native Markets is currently looking most likely to win the bid. Hyperliquid suddenly has a swarm of suitors making passionate pleas for its hand in marriage to create the USDH stablecoin. It’s a drama that kicked off last week and has now reached a fevered pitch as some of the biggest crypto companies around compete for the highly sought-after USDH ticker—culminating in an on-chain vote by Hyperliquid stakeholders on Sunday. Major companies like Paxos, Sky, and Frax Finance have thrown their hats in the ring alongside Ethena, with backing from a BlackRock executive. And yet, it appears a new and relatively unknown team in Native Markets is the current frontrunner. Hyperliquid is a decentralized exchange, specializing in perpetual futures trading, that lives on its own dedicated layer-1 network by the same. At the time of writing, there’s roughly $5.84 billion in stablecoins on the network—the fifth largest total of all blockchains, per DefiLlama—with USDC accounting for 94.9% of the network’s stablecoins. Over the past 24 hours, it has been responsible for a whopping $1.076 billion in trading volume and has cemented itself as a crucial component in the on-chain economy. With its own stablecoin, Hyperliquid intends to circumvent the biggest players in the space, such as Circle’s USDC and Tether’s USDT, and secure for itself the lucrative yields these stablecoins generate. While no “special privileges” will be granted to the token, per the Hyperliquid Foundation, crypto heavyweights are now vying for the chance to control the USDH ticker. The Foundation has said…
The post Hyperliquid: The Biggest Crypto Projects Battling for the USDH Stablecoin appeared on BitcoinEthereumNews.com.
In brief Projects are fighting over who will take control of the USDH ticker to create a “Hyperliquid-aligned” stablecoin. Major companies like Ethena, Paxos, Sky, and Agora have submitted proposals, most of which include a way to give back to the Hyperliquid community. But the relative newcomer Native Markets is currently looking most likely to win the bid. Hyperliquid suddenly has a swarm of suitors making passionate pleas for its hand in marriage to create the USDH stablecoin. It’s a drama that kicked off last week and has now reached a fevered pitch as some of the biggest crypto companies around compete for the highly sought-after USDH ticker—culminating in an on-chain vote by Hyperliquid stakeholders on Sunday. Major companies like Paxos, Sky, and Frax Finance have thrown their hats in the ring alongside Ethena, with backing from a BlackRock executive. And yet, it appears a new and relatively unknown team in Native Markets is the current frontrunner. Hyperliquid is a decentralized exchange, specializing in perpetual futures trading, that lives on its own dedicated layer-1 network by the same. At the time of writing, there’s roughly $5.84 billion in stablecoins on the network—the fifth largest total of all blockchains, per DefiLlama—with USDC accounting for 94.9% of the network’s stablecoins. Over the past 24 hours, it has been responsible for a whopping $1.076 billion in trading volume and has cemented itself as a crucial component in the on-chain economy. With its own stablecoin, Hyperliquid intends to circumvent the biggest players in the space, such as Circle’s USDC and Tether’s USDT, and secure for itself the lucrative yields these stablecoins generate. While no “special privileges” will be granted to the token, per the Hyperliquid Foundation, crypto heavyweights are now vying for the chance to control the USDH ticker. The Foundation has said…
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