Picture this: One week ago, Hyperliquid tossed a shiny coin into the ring to pick its first-ever native stablecoin, USDH. Now, the validators are gearing up for Sunday’s vote – because nothing says “edge-of-your-seat excitement” like deciding who controls a bunch of digital dollars! Drama? Check. Stakes? Billions. Close-knit community decision? Oh, you betcha. It’s basically the Oscars for blockchains, but with fewer tuxedos and more code.
Now, Hyperliquid isn’t just any decentralized exchange-it’s the new kid on the Layer-1 block, launched last November 2024, doing a cool $330 billion in July trading. And guess what? Eleven people are handling it all-yes, eleven! That’s fewer people than your average sitcom ensemble. USDH is set to be the platform’s first dollar-pegged asset-which means traders finally have a stable token to clutch during crypto’s usual rollercoaster. Buckle up!
The big question: which lucky company gets to clutch the golden stablecoin scepter and bask in the glow of billions in stablecoin traffic? The race has already had more plot twists than a Mel Brooks farce. Ethena threw in the towel and handed the mic over to newbie Native Markets. Meanwhile, Paxos, Frax, Sky, Agora, Curve, OpenEden, and Bitgo are still sweating it out backstage.
Native Markets
These folks were the first to slap their proposal on the table on September 5. Native Markets is basically saying, “We’re the cool kids launching the Hyperliquid-native stablecoin, and we’re making it rain with HYPE buybacks and ecosystem growth.” Yeah, they’re throwing the party and everyone’s invited. 🎉
They’re hitching a ride on Stripe’s tokenization platform, Bridge, stirring up some spicy drama with rivals whispering, “Conflict of interest alert!” But hey, drama drives ratings, right? 👀
Leading this oddball crew is Hyperliquid investor Max Fiege, former Uniswap Labs rhyme-spitter MC Lader, and blockchain brainiac Anish Agnihotri. Odds on Polymarket? A cocky 96%. Don’t spend all those winnings in one block!
Paxos
Also hitting the scene Sept. 5, Paxos is the buttoned-up, jargon-flinging infrastructure giant promising to play nice with the US Stablecoins Act (called the GENIUS Act, probably because they named it after themselves) and the EU’s MiCA. Compliance is their middle name-boring or brilliant, you decide. 🤓
95% of their reserve interest goes into buying back HYPE tokens, like a financial grandma saving for the grandkids. They brag about launching Binance USD ($25B+) and PayPal USD ($1B+). They also want to buddy up with PayPal and Venmo for easy spending, which is basically the crypto equivalent of being married to your wealthy neighbor’s daughter.
Odds? A humble 4%. But hey, as Mel Brooks said, “Hope for the best, plan for the worst, and party like it’s 2099.”
Sky
On Sept. 8, Sky, the DeFi OG behind the decentralized stablecoin USDS (previously known as DAI-because who doesn’t love a rebrand?), threw down its multichain magic wand. Their USDH will zip across networks faster than a pie in a slapstick chase scene.
They’re even putting their money where their code is-offering a 4.85% return on USDH and tossing profits into HYPE buybacks and the Assistance Fund. Sweet! Too bad the odds on Polymarket are less than 1%. Someone tell them, “It’s not you, it’s the algorithm.”
Frax Finance
Meanwhile, Frax Finance pledges to play it safe with a yet-to-be-named US bank backing their USDH with tokenized US Treasurys. It’s like saying, “Trust us, we’ve got a bank… somewhere.” They promise to hand the entire treasury yield back to the community, which sounds sweeter than a Broadway show closing night.
Again, odds less than 1%. But hey, every underdog deserves a shot. Like Zero Mostel in “The Producers”-you gotta laugh to stay sane.
Agora
Also dropping proposals on Sept. 8, Agora gets all serious with VanEck as asset manager. They promise to funnel 100% of reserve revenue into HYPE buybacks or the Assistance Fund – no funny business! But they throw shade at Native Markets, warning that Stripe’s Bridge might bring conflicts because “Stripe… wants to build its own Tempo blockchain and we’re like-wait, WHAT?”
Nick VanEck, Agora’s co-founder, basically said: “If Hyperliquid hands the keys to Stripe, we all might as well join the circus.” Agreed, Nick, agreed.
Odds? Again, less than 1%! But in the immortal words of Mel Brooks, “Life stinks, but it’s funny.”
The Last-Minute Wannabes
On Sept. 10-the final curtain call-we got surprise bids from Curve, OpenEden, and BitGo. They’re like those understudies suddenly thrust into the spotlight. No Polymarket odds yet, but hey, stranger things have happened in showbiz.
The USDH Vote: Showtime!
This is Hyperliquid’s first big governance gala beyond the usual “kick the asset to the curb” meetings. Voting happens onchain Sunday, 10 to 11 UTC. Validators’ power equals how many HYPE tokens they’ve staked-basically a crypto version of “Who brought the most pies?” Delegators can switch allegiances as fast as a heckler in a comedy club.
A proposal needs a two-thirds majority to take home the prize, but here’s the kicker: Hyperliquid Foundation and Kinetiq control 63% of tokens and have promised to sit on their hands like polite audience members. Suspense!
Meanwhile, HYPE’s been partying hard, hitting a new all-time high of $57.30 just last Friday-because nothing says “stablecoin race” like volatile token prices crashing the party. 🎩✨
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2025-09-13 00:41