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Native Markets Leads USDH Stablecoin Auction with 74% Probability

Native Markets Leads USDH Stablecoin Auction with 74% Probability

Native Markets triumphs in a heated bidding war for USDH, securing validator support and winning over established players like Paxos and Ethena.

USDC
HYPE
SKY

Fact Check
Multiple news sources, specifically Moomoo and Bitget, directly corroborate the statement. One Moomoo article explicitly states, 'Accordingto the Polymarket page...Native Markets currently holds a 74% win probability,' which perfectly matches the claim. Other sources confirm Native Markets is a leading bidder in the auction prediction.
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Summary

Native Markets has been awarded the mandate to issue the USDH stablecoin on Hyperliquid, outbidding major players including Paxos and Ethena. The decision came after a competitive governance process, with Native Markets securing 97% of the validator vote. The firm’s association with Stripe’s Bridge subsidiary and a proposal for managing USDH reserves through BlackRock and Superstate helped solidify its position. The launch of USDH is poised to strengthen Hyperliquid’s market and reduce reliance on USDC.

Terms & Concepts
  • USDH: A stablecoin designed to maintain parity with the U.S. dollar, issued through the Hyperliquid auction process.
  • Stablecoin 2.0: A concept for the next generation of stablecoins where interest revenues from reserves are redistributed to the community and ecosystem development.