The Hyperliquid Foundation has officially announced rules that will determine the issuance rights of USDH through on-chain voting. This is both a system design and a call to action to the community: whoever can propose a plan that best supports the development of HYPE and the ecosystem will have the opportunity to secure the right to issue this "native stablecoin."
Currently, five companies—Paxos, Ethena, Frax, Agora, and Native—are competing, each making different commitments:
•Paxos: Focusing on compliance, it is willing to repurchase 95% of interest income in HYPE.
•Ethena: Leveraging the rapid growth of USDe to gain a voice.
•Frax: Plans to facilitate seamless conversions between USDH and USDC and USDT.
•Agora: Proposing the most radical proposal, hinting at returning 100% of net revenue to the Hype platform or repurchasing HYPE.
•Native: Also joining the competition.
This is considered the first time in the cryptocurrency industry that multiple stablecoin issuers have actively competed for the issuance rights of an emerging platform, demonstrating the historic influence of Hyperliquid.
The final result will be determined by voting in a week.