Exploring the Competition for USDH in the Hyperliquid Stablecoin Market
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Sep 12 2025Hyperliquid's USDH Stablecoin Contest: Hyperliquid is set to hold a validator vote to select the issuer of its first native stablecoin, USDH, with several contenders including Native Markets, Paxos, and Frax Finance, following the withdrawal of Ethena from the race.
Voting Mechanics and Implications: The vote will take place on Sunday, requiring a two-thirds majority to pass, and is significant as it marks Hyperliquid's first major governance decision, potentially impacting billions in stablecoin flows and the future of its ecosystem.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
