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5mo ago

Native Markets Leads Early Voting in Hyperliquid’s USDH Issuer Race as Ethena Exits

Most validator stake remains undecided before the Sept. 14 deadline, keeping Paxos’ PayPal‑linked offer competitive.

Hyperliquid USDH
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“This is basically The Bachelor, but for stablecoins," said one crypto executive, describing the fight.
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Overview

  • An early tally shows Native Markets with 30.8% of delegated stake, led by validators infinitefield.xyz and Alphaticks.
  • Ethena Labs withdrew its bid after feedback on ecosystem fit, with founder Guy Young citing validator and community concerns.
  • Paxos’ revised proposal includes PayPal and Venmo integration, zero‑cost on/off‑ramps, $20 million in incentives, revenue reinvestment until $1 billion TVL, and a 5% revenue cap thereafter.
  • About 57% of validator stake remains unassigned, leaving the outcome open until the Sept. 14 vote deadline.
  • The process faces scrutiny over alleged favoritism toward Native Markets, while over $5.5 billion in USDC on Hyperliquid underscores the potential to redirect significant reserve yield.