- Proposals pledge ninety-five to one hundred percent value accrual to HYPE; aim to redirect yield, strengthen compliant on-ramps.
- HYPE rallies about twenty percent to fifty-five dollars; market odds price Native near sixty percent, Paxos fluctuates lower.
Hyperliquid’s proposed stablecoin, USDH, has set off an open contest to select an issuer. The field has narrowed to Paxos and Native Markets, with a final validator vote scheduled for September 14. Bidders must submit final terms by September 10. Validators will state preferences on September 11 so stakers can align ahead of the vote.
Starting to feel like the USDH RFP was a bit of a farce.
Hearing from multiple bidders that none of the validators are interested in considering anyone besides Native Markets. It's not even a serious discussion, as though there was a backroom deal already done.
Native Markets'… pic.twitter.com/qrc9xChv6z
— Haseeb ＞|＜ (@hosseeb) September 9, 2025
The process has also drawn criticism. Dragonfly partner Haseeb Qureshi called the contest a “farce,” alleging validators favor Native Markets and that a “backroom deal” predates the public request.
He cited betting odds on Polymarket and the speed of Native Markets’ proposal as evidence of advance notice. Hyperliquid has not issued a public rebuttal at the time of writing.
Odds trackers have swung through the week. Market pricing placed Native Markets near 60% for a likely win. Paxos briefly rose to about 47% after revising its bid, then slipped as sentiment cooled. Proposals commonly pledge 95%–100% of value accrual to HYPE, and several reference support from regulated institutions.
Hyperliquid’s aim is clear: build a dollar token that routes yield and fees to its own network rather than to outside partners. Today, USDC controls most dollar liquidity on the chain, and the yield from cash backing flows to Coinbase under its agreement with Circle. A house stablecoin would also help address regulatory risks on fiat on-ramps and off-ramps, according to investors who follow the project. As one analyst put it, a compliant structure could lay groundwork for future approvals.
The race has affected prices. HYPE printed a new high around $55 and is up roughly 20% since bidding began. Supporters of Ethena argue its product set is mature; critics note potential conflicts for any issuer that already runs a competing dollar token. The vote will come down to trade-offs: speed versus track record, yield sharing versus safeguards, and how much control validators want over ongoing governance.
