Not less than eight heavyweight contenders lined up to run the show for Hyperliquid’s new stablecoin, USDH. Sounds a lot?
Well, this is about managing a cool $5.9 billion reserve. Stakes are sky-high, and the drama?
Oh, it’s thick. From crypto infrastructure veterans to real-world asset tokenizers, the competition brings a spicy blend of innovation, strategy, and yes, a little ego.
Newcomers
Two newcomers, OpenEden, the tokenization whiz, and BitGo, the compliance powerhouse, have thrown their hats into the ring, shaking up the lineup that already counts Ethena, Paxos, Frax, Agora, Native Markets, and Sky.
The vote starts Thursday and runs right through Sunday. By then, Hyperliquid’s validators decide who gets to steer the USDH ship, with nearly 96% of the stablecoin’s $5.9 billion reserve sitting pretty in USDC right now.
OpenEden’s game plan? Jeremy Ng, their CEO, laid down a promise to pour all the yield from USDH reserves straight back into the ecosystem.
Think buybacks and boosted incentives powered by up to 3% of their native EDEN token supply.
They’re partnering with big ballers like The Bank of New York Mellon and Chainlink to back their proposal, and they’re talking storage in a tokenized Treasury Bills Fund, safe and sound under Mellon’s custody. It’s a real world-meets-digital world vibe.
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Staking HYPE
BitGo’s angle leans hard on regulation and security, boasting licenses from Dubai, Singapore, New York, Germany, and more.
They’ll tap into a mix of US dollar-backed liquid assets, like bank deposits, short-term treasuries, to keep USDH stable.
The plan includes using Chainlink’s cross-chain tech to keep things flowing smoothly across networks.
Oh, and they’ll take a 0.3% fee from reserves. Rake in some for the house while staking HYPE tokens on the side.
On the other hand, the crowd favorite Native Markets is out front with 33% of the delegate vote.
Their split-the-pot proposal has its fans and foes alike. Haseeb Qureshi, a crypto venture guy, threw shade, suggesting the race feels more like a backroom deal than a fair fight.
Future’s money
Paxos Labs, fresh with a revised bid, owns 11% votes. But 46% of votes are still up for grabs, that swing could flip the script in a flash.
Expect sparks when the final tally hits. So, the story’s clear, USDH is a multi-billion-dollar chess game blending trust, technology, and a dash of drama. Not suprising it’s magnetic for the big league players.
The winner takes the reigns of a stablecoin that could shift how trust and value flow across decentralized finance.
Betting on USDH? You’re watching the future’s money movers duke it out for the crown.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
📅 Published: September 12, 2025 • 🕓 Last updated: September 12, 2025
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