The validator community of Hyperliquid has made a significant decision by choosing Native Markets to issue USDH, after a competitive contest that involved proposals from various well-known entities such as Paxos, Frax, Sky (ex-MakerDAO), Agora, and others. Native Markets, co-founded by MC Lader, Anish Agnihotri, and Max Fiege, former Uniswap Labs president, stated that they will be rolling out USDH in the coming days.
The selection process saw Native Markets’ proposal securing around 70% of the validator votes, with Paxos coming in at 20% and Ethena at 3.2%. The phased launch of USDH will begin with capped mints and redemptions, followed by a USDH/USDC spot pair before the caps are eventually lifted.
USDH is positioned to compete with Circle’s USDC, which currently holds a dominant position in Hyperliquid with nearly $6 billion in deposits. However, other stablecoins like USDC will still be supported on the platform if they meet the liquidity and HYPE staking requirements.
While most rival bidders had promised to reinvest stablecoin yields back into the ecosystem through various methods, Native Markets’ approach emphasized credibility, trading experience, and alignment with validators.
In terms of market movement, Bitcoin (BTC) has recently surpassed the $115,000 mark, supported by ETF inflows, encouraging U.S. inflation data, and expectations for interest rate cuts. Ethereum (ETH) is trading above $4600, driven by strong ETF inflows. Gold prices continue to hover near record highs as traders keep an eye on dollar weakness in anticipation of Fed rate cuts.
In other crypto news, Pakistan’s crypto regulator is inviting crypto firms to get licensed to serve the local user base of 40 million. The IRS is expanding its surveillance of crypto investors, and the Massachusetts State Attorney General has alleged Kalshi of violating sports gambling laws.
These developments highlight the dynamic nature of the cryptocurrency market and the ongoing efforts to enhance transparency, compliance, and innovation within the industry. The Benefits of Outdoor Exercise
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