Stripe Encounters Industry Backlash in Efforts to Launch USDH

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

HYPE+10.360001%

STABLE+9.9%

Source: Coinmarketcap

Updated: Sep 08 2025

Stripe's Proposal for USDH: Payments giant Stripe aims to issue USDH, a dollar-backed stablecoin for the Hyperliquid ecosystem, promising compliance and revenue generation, but facing backlash from crypto natives who fear it could centralize control.
Industry Backlash and Coalition Formation: Critics, including Agora and MoonPay, have formed a coalition against Stripe's proposal, arguing it misaligns with Hyperliquid's interests, while competitors Paxos and Frax offer alternative plans to benefit the community.
Global Stablecoin Competition: The struggle for USDH reflects a broader race among governments and corporations to shape the future of dollar-backed tokens, with various regions exploring their own stablecoin initiatives.
Implications for the Crypto Landscape: The outcome of Hyperliquid's decision will influence whether traditional fintech companies or crypto-native entities will dominate the stablecoin market, impacting the future of decentralized finance.

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.

Stripe Encounters Industry Backlash in Efforts to Launch USDH

About the author

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