Early results from Hyperliquid’s USDH stablecoin vote show Native Markets, aligned with Stripe, taking an early lead despite some community skepticism.
As of Thursday morning Hong Kong time, Native Markets holds 30.8% of delegated stake, driven by major validators infinitefield.xyz (13.5%) and Alphaticks (5.2%). Paxos Labs, the issuer of PayPal’s PYUSD, has 7.6% support, backed by B-Harvest and HyBridge, while Ethena accounts for 4.5%. Other notable proposals—including Agora, Frax, and Sky—have yet to gain significant backing, though many top validators have yet to vote.
More than half of the total stake (57%) remains unassigned, including influential validators such as Nansen x HypurrCollective (over 18%) and Galaxy Digital. Their final votes will likely determine whether Native Markets maintains its early momentum through the September 14 deadline.
Native Markets is pushing a Hyperliquid-native stablecoin issued via Stripe’s Bridge infrastructure, offering yield-sharing for the Assistance Fund and HYPE buybacks. Critics like Agora CEO Nick van Eck caution that Stripe’s Tempo blockchain launch and control of Privy wallet could create conflicts, although some validators view Stripe’s global payment network as a key advantage.
The stakes are significant. Hyperliquid currently holds $5.5 billion in USDC deposits, roughly 7.5% of the stablecoin’s supply. Replacing it with USDH could redirect hundreds of millions in annual treasury yield. Competing issuers have proposed:
- Paxos: 95% of reserve earnings to HYPE buybacks
- Frax: 100% of yield to users
- Agora: 100% net yield plus institutional custodianship
- Sky: 4.85% returns plus $25 million “Hyperliquid Star” DeFi project
Hyperliquid currently dominates nearly 80% of decentralized perpetuals trading, meaning the winning issuer will not just launch a stablecoin but become deeply integrated into one of crypto’s fastest-growing exchanges.
Market Overview
- BTC: $114,053 (+2.6% 24h, +2.1% 7d, -3.9% MoM), rebounding amid positive risk sentiment.
- ETH: $4,373.99 (+2%), unaffected by a mass validator slashing.
- Gold: ~$3,635/oz, after a $3,674 peak; ANZ projects $3,800 year-end and $4,000 by June.
- Nikkei 225: Mixed; +0.23% (Nikkei) / -0.18% (Topix).
- S&P 500: 6,532.04 (+0.3%), boosted by softer wholesale prices and rate-cut expectations.
