Decentralized exchange and layer-1 chain hyperliquid’s Plan to launch A hold -up Stablecoin, USDHhas become one of the most quarrelsome battles in the management of recent years in crypto.
At stake is the control of a dollar token that can replace the USDC’s $ 5.5 billion, which currently represents 95% of the stablecoin supply of the platform, and generates hundreds of millions of revenues from US wealth. The vote of the validator on Sept. 14 will decide who issued a USDH.
The contest attracts heavy bidders, including Paxos, Frax as well as a coalition involving Agora and Moonpay, but the worst debate is more than a proposal tied to the stripe bridge platform.
Some members of the community have warned that delivery of control over the financial layer of exchange to Stripe, that builds one’s own blockchain called tempo And controlled that the infrastructure of the wallet by taking its privately, will be taken to the ceding economic sovereignty to a competitor.
Proposal: Agora Stablecoin’s infrastructure to the Power USDH with the coalition of the best class providers.
Introduction
If Hyperliquid was removing their canonical stablecoin from the stripe, a vertical one that provided with clear conflicts, what do we all do?Summary
-…– Nick Van Eck (@nick_van_eck) September 7, 2025
“If Hyperliquid is removing their canonical stablecoin from the drawing, a vertical one that has given up with clear conflicts, what are we doing?” Nick Van Eck, CEO and co-founder of Agora, with a proposal in front of voters, wrote.
In announcing its participation with the Agora Coalition, Moonpay President Keith Grossman Emphasized that his payment processor Holds more licenses and verified users than stripe or bridge, which says “USDH is deserving of scale, credibility and alignment -not the acquisition of BS.”
Tight farms
Paxos stood up 95% of reserve reserve in hype token buybacks, leaning against his decade track record as a regulated provided. Frax offered a “community-first” model, passing 100% of the treasury yield to users with zero take.
Agora’s bid emphasized neutrality and alignment, which promises 100% of the net income for hype purchases or hyperliquid help.
In the hinting by Etherna can enter the careerThe lineup of the bidders can be expanded, adding another layer of complexity to a tight farm.
Each proposal offers a different vision for how the USDH should work: from the regulation-first approach of paxos’ to the Frax user model to the Frax users to the hyper-indigenous coalition of Agora supported by institutions custodians and payment railroads facing the consumer.
Hyperliquid led the Defi Derivatives market, In almost an 80% market sharing. Given the growth of the hyperliquid ecosystem, the right to issue native stablecoin would be incompetent -it would be worth the benefit for anyone being awarded the contract.
Hyperliquid set Sept. 10 as the deadline for proposals – more will be expected in the next 48 hours – and September 14 as the date for the validator vote. The Hyperliquid Foundation also said it was “effectively avoiding,” leaving the decision on the validators.
