Native Markets Leads Early Voting for Hyperliquid’s USDH Stablecoin Contract

Native Markets has emerged as the frontrunner in Hyperliquid’s contentious stablecoin governance vote, securing 30.8% of delegated stake as of Thursday morning Hong Kong time. Heavyweight validators infinitefield.xyz and Alphaticks anchor its lead with 13.5% and 5.2% support respectively.

Paxos Labs trails at 7.6%, backed by B-Harvest and HyBridge, while Ethena holds 4.5%. Notably, 57% of stake remains uncommitted—including influential validators like Nansen x HypurrCollective (18% stake) and Galaxy Digital. Their pending decisions will determine whether Native Markets sustains its momentum ahead of the September 14 deadline.

The Stripe-aligned team proposes a Hyperliquid-native stablecoin solution, contrasting with splashier but underperforming proposals from Agora, Frax, and Sky. Market participants await further validator alignment as the vote enters its decisive phase.