The Stripe faces a pushback in its bid to issue Hyperliquid’s planned USDH Stablecoin, as a coalition of crypto companies, including Moonpay, Agora and Rain lined up competing with proposals next to Paxos and Frax.
In a Friday discord MessageThe Hyperliquid team announced that it wanted to create a “hyperliquid-first, hyperliquid-aligned, and following USD Stablecoin” with the USDH ticker. This by native market teams followed this first proposalto see Stablecoin payment processor of stripe, bridgeissue a USDH.
The Native Market proposal has promised to contribute “a significant portion of the proceeds of reserves” to the Treasury of Hyperliquid assistance, mint directly to the ecosystem and even compliant with regulation. Still, Agora’s co-founder and CEO Nick Van Eck submitted An alternative proposal, dispute against alternatives associated with drawing:
“If hyperliquid is removing canonical Stablecoin To strip, a vertical coupled that provided with clear conflicts, what do we all do? “Van Eck asked. He added that Agora was” urgently urging the caution against the use of Stripe (bridge) as a giver.
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Against the bridge that releases USDH
Van Eck claimed that the bridge did not have enough financial infrastructure and product experience and also taught The stripe announcement of plans for its own tempo blockchain as a potential conflict of interest. “The stripe focuses on the driving activity in this ecosystem,” he said, asked:
“How long until Stripe and Bridge are starting to push users and perps from other financial applications directly to tempo instead of hyperliquid?”
On Sunday, Moonpay president and board member Keyth Grossman announced That the payment processor joined Agora’s proposal to issue a USDH for hyperliquid and “provide regulated payment metals to empower this initiative.” Like Van Eck, he briefly criticized the native market proposal. “The USDH deserves scale, credibility and alignment – not the BS getting. That’s the coalition, not drawing,” he said.
Rob Hadick, general partner in venture capital firm Dragonfly.xyz, shared his enthusiasm. In a week x PostHe wrote that adding Moonpay to the coalition made it a “inevitable best” proposal for USDH release.
In addition to the drawing associated with the drawing, the coalition must compete with Stablecoin Issuer Paxos. On Sunday, the firm too submitted a proposal to launch USDH.
Another competing proposal is the one by Frax Blockchain, which promises to provide all USDH revenues – that -back through its frxusd – back to the community. “We are suggesting something that nothing else to match: return everything to the community,” the proposal stated.
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Stablecoins is an active battlefield
The competition emphasizes growing activity in the Stablecoin sector as regulators and financial institutions. HSBC and ICBC have been reported preparing to apply For stablecoin licenses in Hong Kong, where A new plot took place on August 1.
Adoption is also fast, with Kazakhstan financial regulators recently allowed license and administration Fees paid to US dollar-pegged stablecoins.
Wyoming State also plans to launch the Frontier Stable token (FRNT), a Stablecoin authorized by local government. 1Money, a company that builds a layer-1 blockchain for stablecoin payments, recently announced that it has Secured as many as 34 US shipping licensesnext to a Bermuda license.
Earlier this month, European Central Bank president Christine Lagarde Call for EU lawmakers to meet gaps in Stablecoin regulation. “(US government policies) may result not only with further losses of fees and data, but also euro deposits transferred to the United States,” Says ECB Executive Board Member Piero Cipollone in April.
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