Coinbase(US:COIN) Ge Long Hui·2025-09-17 13:22Core Insights - A "stablecoin bidding war" is taking place on the rapidly growing trading platform Hyperliquid, which may shape the future of the cryptocurrency industry and determine who will dominate this phase [1] - The core prize of this competition is the right to issue USDH, a new token pegged to the US dollar, native to the Hyperliquid network [1] - Key players in the bidding include major institutions in the crypto payment sector such as Paxos, Agora, Ethena, and the lesser-known startup Native Markets, which has partnered with Stripe's stablecoin division, Bridge [1] - The competition is not just about prestige but also about economic survival, as stablecoin issuers can earn interest income from the assets backing these tokens [1] - For instance, Circle Internet Group, the issuer of the USDC stablecoin, shares interest income with Coinbase through a partnership that helps both companies mitigate market volatility [1] - With market expectations of interest rate declines this week, the urgency to expand market share has intensified [1]