Company Updates - Kraken unlocked xStocks in the EU [1] - Kraken agreed to list @Paxos issued USDH + HYPE @HyperliquidX [1] Industry Perspective - The week underscored the importance of free speech, open debate, and the freedom to transact for the industry and global discourse [1]

💵 💵 💵 70,000,000 #PYUSD (69,967,086 USD) minted at #Paxoshttps://t.co/7b0qw5evCe ...

Governance & Influence - USDH vote highlights Hyperliquid's increasing governance influence [1] Stablecoin Market - Stablecoin competition intensifies with Paxos, Ethena, and Frax all vying for market share [1] Exchange Trends - Exchange-native chains (Upbit, Bybit) continue to emulate the BNB model [1]

🚀 CMC Market Pulse: Hyperliquid’s USDH Draws Competition and Controversy.BTC +2.1%, ETH +2.7%! $4.1T crypto mcap! Gemini IPO 20x oversubscribed. SOL treasury strategy locks $1.65B. USDH governance heats up as Paxos gains ground.Let’s break down this week’s top crypto narratives 🧵1/6 ...

Core Insights - Ethena Labs has withdrawn its proposal to issue Hyperliquid's upcoming USDH stablecoin due to community opposition and alignment issues [1][4][9] - The withdrawal allows Native Markets to gain traction as a contender for USDH issuance [4][9] - Paxos emerges as a leading candidate with a revised proposal that includes integration with PayPal and Venmo, along with a $20 million incentive plan [6][9] Company Focus - Ethena Labs acknowledged community concerns regarding its non-native status and multiple product lines, leading to the decision to withdraw [4][5] - Despite exiting the USDH race, Ethena Labs plans to continue investing in the Hyperliquid ecosystem, focusing on products like hUSDe and new savings solutions [5][9] Competitive Landscape - The competition for USDH issuance is intensifying, with Paxos now appearing as a frontrunner following its recent proposal [6][7] - Validators are set to begin voting on September 14, with other notable proposals from Frax Finance, the Agora–Rain–LayerZero consortium, and Sky [7]

RT hdf (@PaikCapital)It would be crazy to not consider this.PayPalVenmoPaxos400M+ users who can use USDH. ...

RT horndog (@horndogdothl)sure paxos is offering genius and mica compliance, easy and free on/off ramps that don't exist for hyperliquid today, payments using usdh, distribution to north of 500 million users worldwide, a listing for usdh and hype on kraken, integrating hyperliquid perps with its existing brokerage partners, leveraging partnerships to onboard tokenized asset issuers to HIP3, and at least 95% of all profits to the AF and ecosystem incentivesbut I'm not getting the right 'alignment' vibeshyper ...

RT David Weber (@webergems)We are serious about driving hyperliquid growth alongside @PaxosNot sure there’s a better proposal out there where you can get access to over $1T+ in payment volume and over 400m users (most of which are net new to crypto). This is a no brainer. ...

RT Patryk (@Solofunk_)The @HyperliquidX validators signaling for Native Markets and @fiege_max are losing stake.Those signaling @Paxos are gaining stake.• @0xHyperBeat x @P2Pvalidator x @HypioHL 🔺 6.5%• @validaoxyz 🔺 5.2%• @HyBridgeHL x @PiPonHL 🔺 18.1%• @nansen_ai x @hypurr_co 🔻 2.2% https://t.co/FtNfvLcrYg ...

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