Hyperliquid Vote for USDH Creator Set for September 14 - Here’s What’s at Stake

DeFi governance gets real as Hyperliquid prepares for a pivotal September 14 vote that could reshape USDH's future.

The Power Play

Stakers and protocol participants brace for a decision that cuts through typical bureaucratic delays—this isn't your grandfather's shareholder meeting. The vote bypasses traditional finance structures entirely, putting power directly in token holders' hands.

Why It Matters

With USDH's creator facing community judgment, the outcome could signal whether decentralized governance actually works or just mimics Wall Street's theater with extra steps. One thing's certain: the crypto crowd loves nothing more than a good vote—except maybe complaining about the results afterward.

Native Markets leads USDH voting competition

The final vote for the USDH creator will happen on September 14. Until then, validators have already shown their influence, with most voting power concentrated behind Native Markets. 

As of September 11, Native Markets, led by Stripe, took off with the biggest share of validator power, rising to over 78%. The big lead turned into dominance as more validators signaled their most probable decision. 

The emergence of Native Markets as the probable winner surprised the Hyperliquid community, as some believed Ethena and Paxos offered much better conditions. Paxos was also seen as a potential winner due to its prominence as a stablecoin issuer. 

Is Native Markets a bad choice for Hyperliquid? 

The Hyperliquid community has shown some skepticism about the potential of Native Markets. Hyperliquid currently carries over $5.6B in USDC tokens, boosting the balance for the issuer Circle. 

The new issuer of USDH may receive up to $220M in fees, which will go back to the Hyperliquid ecosystem. In the case of securing the tokens with US government bonds, the passive income from bonds will remain in the Hyperliquid ecosystem. 

The Native Markets team gained an advantage by presenting itself as native to Hyperliquid. However, social media reactions point to a rushed vote that pushed Native Markets ahead. 

This is a call to all hyperliquid community :

Native markets is going to win the USDH ticker and it's EXTREMELY bearish for @HyperliquidX. (it's not too late)

Here is why 👇

1. ONLY 50% FOR THE ASSISTANCE FUND AND 50% FOR MARKETING (while ethena and paxos proposed 95% for… pic.twitter.com/wMRIk3JATQ

— Yoliu.hl (@Yoliu_) September 11, 2025

The team has proposed to distribute only 50% of the yield to the community, against 95% for other teams. Additionally, the native team will use the Bridge infrastructure by Stripe, creating a centralized dependency. 

Despite the flaws, Polymarket voting places a 95% probability on Native Markets as the winner of the vote. At one point, the team was almost tied with Paxos. The rapid advancement of voting stake also led to speculations of a rushed vote with insufficient feedback from the Hyperliquid community. Currently, HYPE stakers may have to actively remove their tokens from the validators supporting the Native Markets team. 

The Native Markets team quickly gained support from validators, despite criticism from the community. | Source: USDH Tracker

Hyperliquid’s goal is to remain sustainable as it grows its share against centralized perpetual futures markets. The Hyperliqud chain already carries $2.7B in value locked, with over $12.8B in open interest. 

The voting boosted HYPE, which rallied to another price peak at $55.40. The strong holding ethos and token buybacks have translated the Hyperliquid success into rewards for the community of holders. For that reason, the team selected for USDC is seen as having the potential to expand the bullish trend and make the DEX more liquid.

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