Core Insights - Hyperliquid has selected Native Markets as the issuer of the new USDH stablecoin, marking a significant development in the $160 billion stablecoin sector [2][5] - Native Markets is backed by notable figures from the finance and crypto industries, including former executives from Uniswap Labs and BlackRock [3][4] - The revenue-sharing model proposed by Native Markets aims to distribute 100% of stablecoin revenues to Hyperliquid users, contrasting with Circle's current model that does not share revenues [5][6] Company Developments - The decision to partner with Native Markets was finalized on September 15 after a week-long bidding process [2] - Native Markets will issue USDH through Bridge, a stablecoin infrastructure acquired by Stripe for $1.1 billion, with BlackRock managing treasury reserves initially [4] - Over time, Fidelity and BNY Mellon are expected to join as custodians for the USDH stablecoin [4] Market Implications - The aggressive revenue-sharing model could lead to a price war in the stablecoin market, which is considered one of the most lucrative segments in crypto [5] - Hyperliquid users currently hold approximately $6 billion in USDC, representing about 8% of total USDC circulation, which may be threatened by the introduction of USDH [6] - The decision has sidelined competitors such as Paxos, Ethena, BitGo, Frax Finance, and Agora, raising questions about the transparency of the bidding process [7]
Dust Settles Over HYPE Price After Hyperliquid Stablecoin Decision
Yahoo Financeยท2025-09-15 23:58