Who will hold the issuance rights of USDH? "Stablecoin + Hyperliquid ecosystem" has become the focus of competition among institutions.



Recently, the decentralized derivatives trading platform Hyperliquid announced the public auction for the issuance of its ecosystem-native stablecoin USDH, attracting bids from several institutions including Paxos, Frax, Agora, Native Markets, and Ethena. The proposal submission deadline was September 10, and the final issuance rights will be determined through a one-hour on-chain community vote on September 14. Hyperliquid currently has a monthly trading volume of nearly 400 billion USD, with approximately 5.7 billion USD stablecoin liquidity on-chain, generating hundreds of millions of USD in interest income annually, making the competition for the issuance rights highly strategic.

#USDH @HyperliquidX Hyperliquid
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