Since Hyperliquid tries to develop an internal stablecoin, some of the largest protocols in decentralized finances (Defi) governance voters are wishing to protect the USDH ticker and manage the Ecosystem Stablecoin.
However, Haseb Qureshi, managing partner at Crypto -investment firm Dragonfly, claims that a ‘back room agreement’ has already been completed.
“Hearing of multiple bidders that none of the Validators is interested in considering someone other than native markets. It is not even a serious discussion, as if a back room agreement had already been done. The proposal of the native markets was almost immediately after the USDH RFP had announced, which implied an advanced that they had an advanced.
CL, the anonymous crypto -trading cat and spokesperson for Hypurrscan (who recommends 15% of the voting force), repaired support for native markets under the post of Haseb. Alex Svanevik, the founder of Nansen, who runs the largest hyperliquid rider at the Hendurr Collective, has, however, objected to the allegations of Qureshi.
Svanevik replied: “Actually incorrect … Our teams have put a lot of effort into assessing proposals and speaking with bidders to find the best alternative to HL. I literally received DMS and telephone conversations from USDH Beergers this week. In all cases we have been proactively working on it.”
Indigenous markets
In the past week, the race to launch USDH was warmed up, with formal proposals driven by Defi heavyweights such as Sky (formerly Maker), Ethena, Paxos and Agora. It should be noted that Dragonfly is invested in both Agora and Ethena, which have launched and compete for USDH proposals to launch Hyperliquid’s Stablecoin.
The accusation of Haseb is aimed at the proposal of the indigenous markets, which calls for the Stablecoin Native to be beaten on the HyperevM, while retaining the genius act and the fiatic tracks of his EXTENTBRUG, a subsidy for stripe, a line.
Stripe announced its upcoming permissionless Layer 1, pace last week, and could possibly simplify the process of ON -Ramping Fiat to hyperliquid, which currently requires Onchain bridge solutions.
The Native Markets team includes Max Fiege, who was previously in Liquity and Barnbridge, and former President and COO of Uniswap Labs, Anish Agnihotri.
In contrast to other proposals that suggest that the use of the majority of the USDH income to buy back the hype, the indigenous markets presents 50% of the reserve boundaries that go to the Hyperliquid Assistance Fund for Hype -Terukkoop, while the other 50% is re -examined in USDH growth.
Ethena vs Sky vs Paxos
Paxos did at night in the night with a renewed proposal, which includes a partnership with PayPal that Hype will see on PayPal and Venmo, including free on and out of slopes, $ 20 million in ecosystem stimuli and an “AF-first-stimulation structure” where Paxos does not earn reimbursements to TV Militons.
In the latest development of the Saga, Bhau Kotecha, the co-founder of Paxos, published that he is open to paxos and native markets that work together.
This was inspired by a tweet from investor Mike Dudas, who said: “Is not the obvious $ USDH solution to simply jointly jointly joints the native markets and paxos proposals? Native markets in the front (HL native, deep ecosystem ties & roots, paxo’s in the back, envittes in the back, envittes in the back, envoys, envoy PayPal/Venmo distribution). “
At the same time, USDT0, the cross-chain variation of Tether’s USDT Stablecoin, announced that it would not throw in his hat.
In addition to the official proposals, these protocols are also attractive for the hyperliquid community. The Agora proposal was accompanied by a public address on X by Jan van Eck, the CEO of the investment company of $ 130 billion Vaneck, while Ethena has chosen a more humorous approach by parodying Eminem from the song “Stan”, with a tongue-in-wall Noot to Hyperliquid founder.
SKY’s proposal in particular attracted attention after co-founder Rune Christiansen published it in the Hyperliquid Discord last night. Sky’s USDH proposal emphasized Sky and Dai’s successful track record, but also stated that Hyperliquid would receive 4.85% Apr on all USDH issued on Hyperliquid that Sky might be $ 8 billion balance sheet implement on hyperliquid and a $ 25 million, intended to be used up, on -on -on $ 25, intended to Op Op Op Op Op Op Op Op Op Op Op Op Op Op, Op Op Op Op Op Op Op Op Op Op, “Sid -NROUW.” Hyperliquid.
Synthetic Dollar Protocol Ethena hit back with its own proposal on 9 September, which USDH has in mind, supported 100% by USDTB, Ethena’s Stablecoin supported by BlackRock’s Builll Fund. Ethena’s proposal also promised to “at least 95%” USDH reserve income back to the hyperliquis ecosystem in the form of hype purchases, and “at least $ 75 million in a mix of cash and token stimuli to grow hip-3 front-end.”
Sky and Ethena spend the third and fourth largest stabilecoins through market capitalization, only USDC and Tether’s USDT from the Circle. Ethena’s Usde is worth almost $ 13 billion, while Sky’s Dai is worth around $ 5 billion; Both combined, however, are still short of the market leaders, with the market capitalization of USDC at $ 72 billion and USDTs for $ 169 billion.
While traditional settings and Defi protocols continue to increase the ante, HyperevM builders are focused on the mission that occurs. Charlie, an employee at Felix Protocol, said the Defiant that “the real work on this entire USDH setup starts when the launch takes place, because the real question will be about scaling up to $ 5 billion.”
He referred to a recent message about X, which clarified USDH to have a real impact on Hyperliquid, it must concentrate on more than just discounts or hypeinkoop. “I would not do USDT/USDE/USDC discount to play this stimulation game if this is the path they see to come and win. [We] Must see a clearer path to shake USDC -Dominance to become these USDH proposals more interesting. “
It is worth noting that, although the subsidiary of Tether of USDT0 has withdrawn his name from the race earlier today, it is unclear whether that is officially ruled, and Circle has been quiet so far.
Hyperliquid’s growth
The growth of the Perpetuals Exchange and Layer 1 has been a recurring theme in 2025.
Hyperliquid accounts for more than 35% of all crypto income today and generates $ 1.28 billion annually, with 99% of that turnover going to the Hyperliquid Assistance Fund to reduce hype -tokens.
Turnover and Perpetuals – Volume – Defillama
Hyperliquid’s Layer 1 blockchain, the HyperevM, is in a consistent upward trend since the Mavet launch in February and is now the eighth largest blockchain locked on total value (TVL) by $ 2.6 billion, after the start of 2025 with $ 400 million.
In the meantime, Hype token has been one of the best-performing assets in Crypto since the launch in November 2024. Token debuted with about a completely diluted appreciation of $ 3 billion and has risen more than 1700% since the launch, an advertisement for a record high of $ 55.7 at night.
