Stablecoin Giants Vie for USDH Ticker Control in Hyperliquid’s Watershed Vote
A high-stakes battle is unfolding among stablecoin issuers for control of Hyperliquid's USDH ticker, with the decentralized exchange's validators poised to award what could become a multi-billion dollar contract. Ten major players including Ethena Labs, Paxos, and Frax Finance have submitted proposals, with the winner gaining access to an estimated $220 million annual revenue stream.
The competition marks a radical democratization of stablecoin selection, shifting power from centralized issuers to protocol governance. Hyperliquid aims to reduce reliance on external stablecoins like USDC while capturing treasury yields and liquidity incentives internally. Ethena Labs' proposal stands out with a 95% revenue-sharing model and $75 million ecosystem commitment.
