Paxos, Frax, Agora, and Native Markets are competing to issue Hyperliquid's upcoming USDH stablecoin, with proposals due for validator voting. Each bidder offers unique advantages, including compliance features and revenue sharing models aimed at benefiting Hyperliquid users. Additional bids from other firms are expected before the submission deadline.

Hyperliquid has launched its native stablecoin USDH, with an initial trading volume of approximately $2.2 million in a USDH/USDC pair. The stablecoin, fully backed by cash and U.S. Treasuries, was issued after Native Markets won a validator vote, marking a strategic move as competition in the stablecoin space intensifies.