🔵Decentralized exchange Hyperliquid is strengthening its position as its native token HYPE surged over 20% to $55, setting a new all-time high. The rally was fueled by the platform’s announcement of its own stablecoin, USDH. The team has invited proposals from potential issuers, with the final choice to be decided through a validator vote.
🔵Major industry players are competing for the right to issue USDH, including Paxos, VanEck, Stripe, Sky, Frax, and Ethena. Proposals vary, from offering yield to USDH holders to directing fees toward HYPE buybacks. The outcome could significantly reshape the stablecoin market dynamics and challenge USDC’s dominance within the Hyperliquid ecosystem.