Back
Paxos, Frax, and Agora Compete for Hyperliquid’s USDH Stablecoin Contract

Paxos, Frax, and Agora Compete for Hyperliquid’s USDH Stablecoin Contract

Native Markets secures exclusive rights to issue USDH, a new stablecoin expected to bring billions in liquidity, amidst fierce competition from industry giants like Paxos and Frax.

USDT
USDC
HYPE

Fact Check
The statement is directly confirmed by multiple, credible, and independent news sources, including The Block, Cointelegraph, Coindesk, and Forbes. These sources consistently report that Paxos, Frax, and Agora are among the key entities that have submitted competing proposals to issue Hyperliquid's USDH stablecoin.
    Reference: 123
Summary

Native Markets has won the community vote to issue Hyperliquid’s new USDH stablecoin, securing exclusive control over the stablecoin following a validator-led governance vote. The startup, founded just weeks before the vote, triumphed over competitors such as Paxos and Frax. USDH is set to reduce Hyperliquid's reliance on USDC and USDT. Analysts predict the reserve structure could generate hundreds of millions annually. Despite controversy over the process, the outcome represents a significant shift for Hyperliquid and the DeFi space.

Terms & Concepts
  • USDH stablecoin: A digital stablecoin used for trading and liquidity, with a value pegged to the U.S. dollar.
  • Stablecoin: A type of cryptocurrency designed to maintain a stable value, typically pegged to a fiat currency like the U.S. dollar.