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Crypto Giants Vie for Hyperliquid’s USDH Stablecoin Dominance
Crypto Giants Vie for Hyperliquid’s USDH Stablecoin Dominance
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BTCCSquare news:
Hyperliquid has become the battleground for major crypto projects competing to control the USDH stablecoin ticker. Ethena, Paxos, Sky, and Agora have submitted proposals, each offering mechanisms to benefit the Hyperliquid community. The dark horse, Native Markets, emerges as the current frontrunner despite its newcomer status.
The decentralized exchange, specializing in perpetual futures, hosts $5.84 billion in stablecoins—primarily USDC—making it the fifth-largest blockchain by stablecoin volume. Sunday's on-chain vote will determine the winner of this high-stakes contest, with BlackRock-backed Ethena and underdog Native Markets as standout contenders.
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