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]

RT shαs (@XBT002)🌏 Asia session crypto news from @TheBlock__:@KindlyMD subsidiary @nakamoto said it has committed up to $30 million to participate in @Metaplanet_JP's global equity offering. (@timmyhmshen)@Paxos unveiled an updated proposal that includes a partnership with @PayPal in a bid to issue @HyperliquidX's upcoming $USDH stablecoin. (@ParkKunwoong)@krakenfx is opening up xStocks for its European customers and expanding xStocks token support to include BEP-20, a token standard for the @BNBCHAIN netwo ...

⚡️ UPDATE: Paxos announced USDH Proposal V2; featuring PayPal support, $20M in ecosystem incentives and global payments integration. https://t.co/jnxWEgD83x ...

Stablecoin issuer Paxos released the USDH Proposal V2 on September 10, featuring three major upgrades: HYPE listed on PayPal/Venmo, USDH free on/off-ramps, and $20 million ecosystem incentives; Paxos can only earn revenue once the TVL target is met, capped at 5%, with all fees paid in HYPE; as a legally authorized stablecoin issuer, Paxos will drive the global issuance of USDH in compliant markets such as Europe. https://t.co/d60W0WHOpG ...

RT Paxos (@Paxos)72 hours. Every comment read and concern addressed.We’re out of the war room, with @PayPal + @Venmo on board.USDH Proposal v2:❏ PayPal ecosystem integrations + $20M incentives❏ AF pledge starts at 20% and rises w/ TVL❏ Paxos takes 0 until >$1B, capped at 5% past $5B https://t.co/eLucHcw63h ...

Stablecoin Initiatives - Paxos 正在争取 PayPal 和 Venmo 的支持，以发行 Hyperliquid USDH 稳定币 [1]

Core Insights - Ethena (ENA) has submitted a proposal to issue Hyperliquid's upcoming stablecoin, joining a competitive bidding process that includes companies like Paxos, Sky, Frax, and Agora [1][4] - The proposed stablecoin will be fully backed by Ethena's USDtb, which is issued in partnership with Anchorage Digital and backed by BlackRock's BUIDL fund [1][2] - Ethena has committed to directing 95% of net revenue from USDH reserves back to the Hyperliquid ecosystem and will facilitate the migration of existing USDC trading pairs to USDH [3] Company and Industry Summary - Ethena aims to provide institutional-grade cash management and on-chain liquidity through its USDtb stablecoin, which is fully backed by BUIDL [2] - The competition for the issuance of Hyperliquid's USDH stablecoin is intensifying, with nearly $400 billion in perpetual trading volume executed by Hyperliquid last month, making it a lucrative opportunity for stablecoin providers [4] - Validators are scheduled to vote on the proposals for the stablecoin issuance on September 14 [4]

Market Activity - Stellar's XLM token experienced a significant rally, increasing 4% from $0.37 to $0.38 due to heavy institutional flows, with trading volume reaching 90.25 million tokens, more than double the 24-hour average [1] - A resistance level was identified at $0.39 as corporate accounts began consolidating, with analysts noting the $0.38–$0.39 range as a zone of institutional accumulation, indicating growing corporate treasury interest in blockchain-linked assets [1][2] Technical Analysis - Following the breakout, XLM entered a low-volatility consolidation phase, maintaining a tight trading band around $0.38, which is crucial for corporate treasurers seeking predictable price ranges for digital asset allocations [2] - The emergence of golden cross patterns has enhanced the token's credibility among institutional investors, suggesting potential long-term accumulation patterns suitable for corporate investment committees [7] Regulatory Developments - Regulatory changes, including Paxos's filing to issue a USDH stablecoin on Stellar's infrastructure, are influencing corporate finance teams' blockchain strategies, aiming to position Stellar as a regulated payments network for enterprises [3] - The GENIUS Act has faced criticism from banking associations but is viewed by corporate legal departments as a step toward regulatory clarity, potentially accelerating corporate adoption of blockchain-based cross-border payments [4] Institutional Interest - A trading volume surge of 85% to $333.21 million reflects increased institutional market participation and corporate treasury interest [7] - Support levels established at $0.37-$0.38 provide defined risk parameters for corporate treasurers, while the consolidation phase between $0.38-$0.39 suggests strategies for institutional accumulation ahead of potential corporate adoption announcements [7]