Hyperliquid’s push to launch USDH has activated a competition with high deployment among both business and Defi players, which pitch every unique strategies. As the voice approaches on September 14, questions about whether the process really benefits the most capable bidders or leans to certain participants.
Summary
- Hyperliquid racet to launch USDH, its own stablecoin, to reduce the dependence on USDC and to absorb more reserve.
- Bidders, including Ethena and Paxos, present various strategies for collateral, yield and integration strategies.
- Nevertheless, the concern that the process can only favor certain participants.
Hyperliquid goes to the launch of his own Stablecoin, USDH, who has coordinated a competitive race between business and Defi-oriented teams, because the exchange recently issued a request for proposal for the USDH Ticker, with the winning company possibly dealing with billions in trade volume and a substantial part of the reserve income.
The decision to launch a brand new Stablecoin seems to be aimed at reducing the dependence on Circle’s USDC Stablecoin, which currently makes up for the majority of hyperliquid’s about $ 5.5 billion in reserves and generates around $ 200 million a year for Circle.
Creating USDH can make Hyperliquid keep more of that yield in -house and gain more control over liquidity and reserve management, giving users a more direct role in the platform. From the moment of the press, the RFP has put on a wide range of contenders, where each has followed a slightly different approach:
- Ethena Labs proposes a USDH that is fully supported by USDTB, a stablecoin connected to BlackRock’s Buidl Fund and will soon be issued via Anchorage Digital Bank. They have promised to return 95% of the net turnover of USDH reserves to the hyperliquis ecosystem and cover the costs of migrating existing USDC traders.
- Paxos, a Stablecoin emittent who is better known for his involvement in Binance’s Busd and PayPal’s Pyusd, has submitted a proposal to launch USDH with the aim of integrating PayPal and Venmo Rails into the USDH ecosystem. Paxos emphasizes compliance with regulations with NYDFs and EU rules and plans to focus 95% of the reserve tertage on the purchasing of hype.
- FRAX Finance plans USDH in Mint in parity with Frxusd and Treasury, which channel all Treasury yield to hyperliquid users, aimed at utilizing decentralized financing mechanisms to improve the yield distribution for USDH holders.
- Sky Ecosystem, previously known as Makerdao, proposes a decentralized issue model with a yield of 4.85%, supported by a balance of $ 8 billion. They also plan to integrate their return system in Hyperliquid and to finance a hyperliquid Star initiative to support platform growth.
- Agora, a privacy-oriented defi-protocol, has committed 100% of the net income from USDH to platform support funds or hype-token purchase. Their proposal emphasizes community -driven growth and sustainability within the hyperliquis ecosystem.
- Native Markets position itself as fully tailored to hyperliquid and proposes a 50/50 split of yield between platform growth and the Assistance Fund, in an attempt to balance ecosystem development with user support initiatives.
Sam, a research analyst at Messari, also known as aka @0xCryptosam, explained In an X post That the “number one priority for USDH is a long-term, synergy partner”, which suggests that coordination ultimately amounts to the income potential and the value of Hyperliquid hype token.
According to the analyst, table interests include genius compliance, high hypeinkoop, diversified collateral and deep liquidity. And from the moment of the press, Ethena’s proposal stands out, Sam writes, and further adds that the company’s stablecoin goes beyond a standard-supported model.
“What I find most interesting about the Ethena proposal is their dedication to grow the USDH product further than USDC today. Their proposal to launch collateral from rewards and a head broker to use various underlying assets (e.g. BTC, Hype or Usde) for the collateral of collateral out.”
@0xCryptosam
For example, Paxos offers a more conventional path for institutions and whales, with regulatory reassurance and an established track record, while Frax and Sky rely on the Defi community by prioritizing transparency and revenue flows. Native Markets leans heavily on platform lines, but the lack of previous Stabilecoin experience introduces extra uncertainty.
The final vote on 14 September will show how Hyperliquid is planning to balance compliance with the regulation of Defi ambitions. Although many teams hurry to serve competing bids, there are still worries about how seriously some proposals are considered.
Haseb Qureshi, partner manager at Dragonfly, called the USDH RFP “a bit of a farce” in an X -post On September 9, bidders suspect that Validators are all-in in native markets.
“The proposal from the indigenous markets was almost immediately after the USDH RFP was announced, which implied that they had an advanced notification. All others clambered in the weekend to put something together. So this entire USDH RFP was in fact tailor -made for native markets.”
Haseb Qureshi
Qureshi added in a follow-up post that many bidders think that the process had already been stacked in favor of native markets, adding that more than half of the USDH Bieders had been in private but remained silent to prevent a return.
