HYPE Price Hits Record $55.52 Amid USDH Stablecoin Development Race

Hyperliquid's native token HYPE surged to an all-time high of $55.52 on September 9, marking an 18% gain from the previous day's opening price. The rally coincides with growing interest in the protocol's upcoming USDH stablecoin, with five development teams now competing for deployment rights.

Native Markets currently leads the field with 55% approval odds according to Polymarket data, proposing fully treasury-backed compliance. Other contenders include Paxos leveraging its existing stablecoin infrastructure, FRAX Finance's hybrid model, Agora's yield-generating approach, and Sky's unspecified solution.

The USDH launch process requires teams to clear validator approval and win a gas auction before implementation. Market participants appear to be pricing in the potential network effects of successful stablecoin integration, though HYPE's valuation remains speculative during this development phase.