The Battle for $7.5B USDH ⚔️ Hyperliquid has opened an RFP to decide which third-party issuer will power its stablecoin, $USDH. The move is aimed at cutting reliance on USDC and Coinbase while keeping reserve yields and liquidity incentives inside the Hyperliquid ecosystem. Eight contenders are in the ring: > Ethena: Fiat-backed via USDtb, ≥95% of reserve yield routed back to HL, migration paths from USDC. > Paxos: Enterprise-grade rails, regulated audits, 95% of interest to HYPE buybacks and ecosystem. > Agora: Custody with State Street, managed by VanEck, 100% net revenue to HL, $10m+ day-one liquidity. > Frax Finance: Pegged to frxUSD, 0% issuer take rate, on-chain T-bill yield, fiat on/off-ramps. > Native Markets: Issuer-agnostic via Bridge, 50% to Assistance Fund and 50% to USDH growth. > Curve Finance: Decentralized CDP twin (dUSDH), pegged with LLAMMA mechanics. > Sky: Multi-collateral stablecoin with Peg Stability Module, instant 2.2B USDC redemption, yield to HYPE...
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