Ah, the sweet agony of choice! The Hyperliquid community, in a fit of what one might call “collective enlightenment,” has bestowed upon Native Markets the sacred duty of issuing the USDH stablecoin. 🏆 A startup born mere weeks ago, it has outmaneuvered the titans of the industry, leaving Paxos and Frax to ponder their mortal coils. What a spectacle, dear reader, what a spectacle!
- Native Markets, the enfant terrible of DeFi, clinched the USDH ticker in a validator vote, leaving its rivals in the dust. 🚀
- The proposal, a masterpiece of financial alchemy, splits reserve yield between HYPE buybacks and ecosystem growth. 🧙♂️
- Critics, ever the harbingers of doom, cried foul over validator concentration, while supporters hailed it as a triumph of community-driven governance. 🤡
Native Markets, with its co-founder Max Fiege at the helm, has been anointed the guardian of the USDH ticker. A nine-day saga, replete with intrigue and high stakes, culminated in this victory. The startup, barely out of its cradle, now wields exclusive control over a stablecoin poised to funnel billions in liquidity. What hubris! What audacity!
Confirmed on September 14, 2025, this decision marks the end of a contest that drew heavyweights like Paxos and Frax, all vying for Hyperliquid’s (HYPE) burgeoning markets. A true testament to the cutthroat nature of decentralized finance, where only the boldest survive.
A Race of Titans and Upstarts
Hyperliquid, in its infinite wisdom, launched the USDH competition on September 5, seeking a stablecoin to lessen its dependence on USDC and USDT. Eight teams answered the call, each with their own claims to fame. Yet, it was Native Markets, backed by Fiege and a cabal of DeFi veterans, that emerged victorious, securing over 70% of the delegated stake.
Their proposal? To issue USDH directly on HyperEVM, with reserves split between on-chain partners like Superstate and off-chain custodians like BlackRock. Half of the yield will fuel HYPE token buybacks, while the other half will nurture ecosystem growth. A plan so grand, it borders on the absurd!
Native Markets has been awarded the USDH ticker on Hyperliquid.
Thank you to all HYPE stakers and network validators for their time and effort in reviewing the proposals put forward.
– max.hl (@fiege_max) September 14, 2025
Analysts, ever the optimists, predict this structure could generate hundreds of millions annually. A windfall for both the exchange community and the issuer, no doubt. But at what cost, dear reader? At what cost?
The Community Reacts: A Tale of Woe and Triumph
Controversy, as always, reared its ugly head. Haseeb Qureshi of Dragonfly, among others, decried the outcome, claiming established institutions were overlooked. Concerns about validator concentration were also raised, with one wallet allegedly holding 15% of the total. A farce, some might say, a travesty of justice!
Yet, Ethena (ENA) founder Guy Young, whose team withdrew early, defended the result as a true reflection of Hyperliquid’s grassroots governance. A noble sentiment, perhaps, but one that does little to quell the murmurs of discontent.
Native Markets now faces the Herculean task of delivering swiftly. Fiege promises HIP-1 and ERC-20 versions of USDH within days, starting with capped mint and redeem tests of $800 per transaction. A USDH/USDC spot market and an API for high-volume traders are also in the works. Circle, sensing the heat, has already announced native USDC deployment on Hyperliquid. The plot thickens!
This ruling marks a turning point for Hyperliquid, a step toward independence from legacy issuers and internalization of stablecoin yield. For decentralized finance, it is a reminder of the power of validator-led governance, despite lingering concerns about decentralization and fairness. A triumph? A tragedy? Only time will tell. 🕰️
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2025-09-15 09:07