Markets
A Most Unseemly Dispute:
- It appears Hyperliquid, in a display of rather ambitious planning, intends to launch a stablecoin named USDH, a venture which has, naturally, set the crypto community quite abuzz.
- The weighty matter of who shall *issue* this USDH – a question of the utmost importance, to be sure – will be decided by a vote of the validators on the fourteenth of September.
- Amongst the contenders are Paxos, Frax, and a coalition comprised of Agora and MoonPay; all parties engaged in a most spirited debate concerning the possible undue influence of a certain Stripe.
The launch of Hyperliquid’s USDH has instigated a governance battle of a magnitude rarely witnessed in these digital domains. One might almost suspect a novel is being written as we speak!
The prize? Control of a token pegged to the dollar, which some believe could usurp the reigning USDC (a rather commanding $5.5 billion, you understand), and generate a fortune in revenues from those ever-reliable U.S. Treasuries. The validator vote, as previously noted, falls upon the fourteenth day of September.
Heavyweight bidders have come forward – Paxos, Frax, and that spirited coalition of Agora and MoonPay – but the most fervent contention arises from a proposal linked to Stripe’s Bridge platform. Honestly, the drama is quite diverting! 🎭
Some within the community express considerable alarm at the thought of surrendering control of the exchange’s monetary mechanisms to Stripe, who, it is said, are building a blockchain of their own (Tempo, no less!) *and* already possess control over wallet infrastructure via their Privy acquisition. It would, they argue, be tantamount to conceding economic sovereignty to a rival-a most regrettable prospect! 🙄
From Paxos’s emphasis on regulatory compliance to Frax’s user-yield model and Agora’s Hyper-native coalition bolstered by institutional custodians and consumer payment platforms.
Hyperliquid presently holds a dominant position in the DeFi derivatives market, controlling nearly eighty per cent of the entire landscape. Consequently, the right to issue its native stablecoin promises to be astonishingly lucrative for the fortunate recipient.
Hyperliquid set the tenth of September as the deadline for proposals-more are anticipated within the next forty-eight hours-and the fourteenth as the date for the validator’s crucial vote. The Hyperliquid Foundation, in a display of commendable impartiality, has declared its intention to “effectively abstain,” leaving the final decision to the esteemed validators.
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2025-09-08 10:44