Hyperliquid Nears Decision on Native Stablecoin USDH as Native Markets Takes Lead

Hyperliquid is set to vote on September 14 for the creator of its native stablecoin, USDH, with Native Markets emerging as the frontrunner. The group, led by Stripe, has secured over 78% of validator support, outpacing competitors like Paxos and Ethena.

The perpetual futures DEX reserved the USDH ticker earlier this year, inviting proposals from prominent stablecoin issuers. Candidates were evaluated on liquidity sourcing, collateralization, and regulatory compliance. Native Markets' dominance in validator backing has surprised some observers, given Paxos' established reputation in the stablecoin space.

Final voting will determine which entity mints the first native stablecoin for Hyperliquid's ecosystem. The outcome could significantly influence decentralized derivatives trading on the platform.