YIKES.CL207 says Hypurrrscan (15% of voting power) will not vote for Paxos.CL (@CL207):theres some info asymmetry going on regarding the usdh situation(my following tweets is not a statement from hypurrscan just me) ...

RT Paxos (@Paxos)Making it easier for anyone to access @HyperliquidX.@krakenfx has agreed to list Paxos-issued USDH (w/ free USD on/off ramps) + HYPE from day 1.Issuance gets you a stablecoin. Distribution gets you adoption.*Pending approval following Kraken’s standard listing diligence process ...

RT Kraken (@krakenfx)Kraken 🤝 @HyperliquidX 🤝 @Paxos@krakenfx has offered to list Paxos-issued USDH (with free USD on/off ramps) + HYPE from Day 1.*Pending approval following Kraken’s standard listing diligence process https://t.co/qBo7fo9KRW ...

Kraken 🤝 @HyperliquidX 🤝 @Paxos@krakenfx has offered to list Paxos-issued USDH (with free USD on/off ramps) + HYPE from Day 1.*Pending approval following Kraken’s standard listing diligence process https://t.co/qBo7fo9KRW ...

ValiDAO votes Paxos.https://t.co/6kJlQHzAARValiDAO (@validaoxyz):https://t.co/F4JScv6Jnv ...

Paxos is upping the ante. They want this one bad. Offering HYPE listings.https://t.co/8TWwf6TjKrbhau (@bhau___):We’re building momentum to ensure USDH is a success. One message from the community was loud and clear: seamless on/off ramps are critical.That’s why we’re thrilled to welcome our friends at @krakenfx on board:- Day 1 listing of USDH issued by Paxos- Free USD on/off ramps- ...

Core Insights - Hyperliquid is experiencing significant interest from major crypto companies competing to launch the USDH stablecoin, leading to an on-chain vote by stakeholders [1][6] - Major contenders include Paxos, Sky, Frax Finance, and Ethena, with Native Markets currently positioned as the frontrunner [2] - Hyperliquid operates as a decentralized exchange on its own layer-1 network, holding approximately $5.84 billion in stablecoins, with USDC making up 94.9% of this total [3] Company and Industry Overview - Hyperliquid aims to create its own stablecoin to compete with established players like Circle's USDC and Tether's USDT, seeking to capture the lucrative yields generated by these stablecoins [4] - The Hyperliquid Foundation emphasizes that the USDH stablecoin must align with Hyperliquid's ecosystem, with proposals focusing on revenue reinvestment [5] - The eventual issuer of the USDH stablecoin is expected to gain substantial support from the Hyperliquid community, which is crucial for the token's adoption [6] Contenders for USDH Stablecoin - Native Markets is specifically established to develop the USDH stablecoin, having communicated its intentions to Hyperliquid Labs months in advance [7] - Native Markets plans to ensure compliance with the GENIUS Act, a recent U.S. legislation on stablecoins, and intends to utilize Bridge, a platform acquired by Stripe, for managing reserves [8]

Crypto bros are fighting over the industry’s version of The Bachelor’s final rose. Over the past week, a handful of companies, including Stripe’s Bridge and a startup connected to Paxos, have submitted proposals to launch a stablecoin on the blockchain Hyperliquid. Every suitor is eyeing the almost $6 billion in stablecoins traded on the blockchain’s biggest exchange. “Hyperliquid has grown men writing public love letters to their protocol so that they may be picked as a partner,” wrote Mert Mumtaz, CEO o ...

RT Ariyan (@daaniyaan)I don’t think the PayPal/Venmo integration is a big deal. Most of us moved to crypto because PayPal burned us, and typical PayPal users already know about crypto (even if not hl) and i haven't seen in many places that people use those platforms for payment for stuff. My vote is still Paxos tho. I think the pie is big enough that I’d rather the ticker go to an experienced, battle tested team.Native Markets being community aligned is a plus, but this isn’t a small, low TVL platform. it’s ...

Core Insights - Hyperliquid has launched its own stablecoin, USDH, leading to a competitive governance battle among various organizations aiming to issue the token [1][2] - At least eight organizations, including Paxos and Ethena, have submitted proposals to secure the right to issue USDH, indicating significant interest and potential value in the market [2] - Native Markets, a newcomer led by Max Fiege, is currently favored to win the validator vote, with a 90% chance initially, which has since decreased to 84% [4] Proposal Details - Native Markets proposes a hybrid reserve model where off-chain assets are managed by BlackRock and on-chain reserves are held through Superstate using Bridge, a platform owned by Stripe [5] - The proposal includes a commitment to split yield from reserve assets, with half allocated for HYPE token buybacks and the other half for USDH expansion [5] Community Reactions - The proposal from Native Markets has generated mixed reactions, with some community members expressing skepticism about its reliance on Stripe, particularly in light of Stripe's plans for a new layer 1 blockchain called Tempo [6] - Concerns have been raised that Stripe may divert users from Hyperliquid to its own ecosystem, potentially impacting Hyperliquid's long-term viability [6] - Despite skepticism, some industry figures suggest that Native Markets may have had prior knowledge of the request-for-proposals process, allowing for a swift submission [7]