Native Markets Leads Early Voting for Hyperliquid’s USDH Stablecoin

BTCC / BTCC Square / Global Cryptocurrency /

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2025-09-12 20:36:02

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Native Markets has surged ahead in the race to control Hyperliquid’s native stablecoin, USDH, securing 30.8% of delegated stake. Backed by influential validators like infinitefield.xyz and Alphaticks, the Stripe-aligned team holds a tentative lead. Yet, with 57% of voting power unassigned—including heavyweight players like Nansen x HypurrCollective—the outcome remains uncertain.

The stakes are monumental: the winner gains control of $5.5 billion in USDC deposits and influence over a rapidly expanding DeFi exchange. Rivals Paxos Labs (7.6%) and Ethena (4.5%) trail behind, while Frax and Agora linger at the margins. The crypto community watches closely as this battle for dominance unfolds.

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