OpenEden and BitGo Compete to Manage Hyperliquid’s USDH Stablecoin Reserves

OpenEden and BitGo have entered the race to manage Hyperliquid's native stablecoin, USDH, bringing the total number of contenders to eight. Hyperliquid validators will vote on the proposals from Thursday to Sunday, with the winner overseeing a $5.9 billion reserve.

OpenEden, a real-world asset tokenization platform, plans to distribute all yield generated from USDH reserves back into the Hyperliquid ecosystem. This includes periodic buybacks of the HYPE token and additional support for validators. The firm has also pledged 3% of its native EDEN token supply as an incentive.

BitGo, meanwhile, aims to leverage US dollar-backed assets and Chainlink's technology for USDH minting and redemption. Native Markets currently leads the vote with a proposal to split reserve proceeds for HYPE buybacks.