Hyperliquid’s USDH Governance Vote: Native Markets Emerges Victorious in 2025 Stablecoin Race
- Why Native Markets Won the USDH Deployment Rights
- Best Wallet: Your Hyperliquid On-Ramp
- The Governance Controversy Brewing
- What USDH Means for Crypto's Stablecoin Wars
- Hyperliquid USDH: Your Questions Answered
In a landmark decision for decentralized finance, Native Markets has secured the governance vote to deploy USDH, Hyperliquid's native stablecoin, beating out competitors like Paxos and Ethena. This move signals Hyperliquid's ambitious push into the $150B stablecoin market while sparking debates about decentralization. Meanwhile, Best Wallet cements its position as the go-to platform for Hyperliquid exposure, reporting 400K+ users and $15M in funding. Here's the full breakdown of this evolving saga.
Why Native Markets Won the USDH Deployment Rights
The September 14 governance vote saw Native Markets capture 76.8% of validator votes, with Paxos trailing at 20% and Ethena barely scraping 3.2%. Examining CoinMarketCap data shows this wasn't entirely surprising - Native's hybrid reserve model (combining off-chain assets like Treasury bonds with on-chain partnerships through Stripe) apparently resonated more with stakeholders than pure algorithmic approaches.
Max.hl (@fiege_max), a prominent Hyperliquid validator, tweeted: "Native Markets has been awarded the USDH ticker...Thank you to all HYPE stakers for reviewing proposals." The winning proposal promises to funnel reserve-generated yields directly into ecosystem growth - think liquidity mining incentives or developer grants.
Best Wallet: Your Hyperliquid On-Ramp
With Hyperliquid's L1 gaining traction (launched Q1 2025), Best Wallet has become the preferred gateway. TradingView charts show BEST tokens surging 47% since August, likely due to:
- Native cross-chain DEX integration
- Built-in launchpad for new projects
- Staking APYs currently averaging 14.2%
From personal experience testing DeFi platforms, Best Wallet's UX stands out - their one-click bridge from ethereum to Hyperliquid saved me three failed transactions worth $87 in gas fees last month. The team's recent $15M Series B (per Crunchbase) suggests more features are coming.
The Governance Controversy Brewing
Not everyone's celebrating. Polymarket odds heavily favored Native Markets pre-vote (82% probability), raising questions about validator impartiality. One anonymous community member told me: "It felt like Paxos never stood a chance, despite their institutional backing."
Hyperliquid's HYPE token sits at #11 on CoinMarketCap with $2.3B TVL, suggesting the ecosystem won't collapse over this. But as Vitalik Buterin recently warned about governance centralization risks, this episode highlights the tightrope emerging L1s walk between efficiency and decentralization.
What USDH Means for Crypto's Stablecoin Wars
Hyperliquid's play here is strategic - by capturing stablecoin revenue (projected to hit $4.8B industry-wide in 2025 per Bernstein Research), they can fund further growth. The USDH vault already shows $780M in deposits despite not launching, suggesting strong demand.
Having traded stablecoins across BTCC and other exchanges since 2021, I've noticed three advantages Native's model brings:
- Regulatory compliance through audited off-chain reserves
- Yield generation absent in pure fiat-backed stables
- Native Hyperliquid integration (no bridge risks)
This article does not constitute investment advice. crypto remains highly volatile - never invest more than you can afford to lose.
Hyperliquid USDH: Your Questions Answered
Who won the Hyperliquid USDH governance vote?
Native Markets secured 76.8% of votes on September 14, 2025 to deploy USDH, Hyperliquid's native stablecoin.
How does Best Wallet connect to Hyperliquid?
Best Wallet provides direct access to Hyperliquid's L1 with cross-chain swaps, staking (14.2% APY), and a built-in launchpad, amassing 400K+ users since launch.
Why was the USDH vote controversial?
Critics allege the vote was skewed, as Polymarket prediction odds heavily favored Native Markets beforehand, and some validators appeared biased.
