{"id":59231,"date":"2025-09-11T04:31:16","date_gmt":"2025-09-11T04:31:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/native-markets-takes-an-early-lead-in-the-vote-for-hyperliquids-usdh-stablecoin\/"},"modified":"2025-09-11T04:31:16","modified_gmt":"2025-09-11T04:31:16","slug":"native-markets-takes-an-early-lead-in-the-vote-for-hyperliquids-usdh-stablecoin","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/native-markets-takes-an-early-lead-in-the-vote-for-hyperliquids-usdh-stablecoin\/","title":{"rendered":"Native Markets takes an early lead in the vote for Hyperliquid&#8217;s USDH stablecoin"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/08\/Hyperliquid-token-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/08\/Hyperliquid-token-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/08\/Hyperliquid-token-smartcrop-750x375.webp\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/08\/Hyperliquid-token-smartcrop-363x181.webp\" type=\"image\/jpeg\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul>\n<li>A high-stakes vote is underway to choose Hyperliquid\u2019s native stablecoin.<\/li>\n<li>The Stripe-aligned Native Markets has taken an early but slim lead.<\/li>\n<li>The winner will control a 5.5 billion dollar prize and a key DeFi rail.<\/li>\n<\/ul>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The opening shots have been fired in a high-stakes and hotly contested battle for the financial soul of one of crypto\u2019s fastest-growing exchanges. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The race to mint Hyperliquid\u2019s native stablecoin, USDH, is underway, and in the early innings, the formidable, Stripe-aligned Native Markets team has seized a tenuous lead. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">But with the majority of voting power still on the sidelines, the ultimate prize remains very much up for grabs.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">As of Thursday morning in Hong Kong, Native Markets has secured\u00a0<\/span><span class=\"ng-star-inserted\">30.8 percent<\/span><span class=\"ng-star-inserted\">\u00a0of the delegated stake, a lead built on the back of heavyweight validators like infinitefield.xyz and Alphaticks. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Its closest rivals, the New York-regulated Paxos Labs and the innovative Ethena, are trailing at 7.6 percent and 4.5 percent, respectively. Other contenders, despite splashy proposals, have yet to gain significant traction.<\/span><\/p>\n<h2 class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The undecided whales and the path to victory<\/span><\/h2>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">But this is not a race that will be won in the early stages. The bigger and more decisive picture is that more than half of the total stake\u2014a commanding\u00a0<\/span><span class=\"ng-star-inserted\">57 percent<\/span><span class=\"ng-star-inserted\">\u2014remains unassigned. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">This silent majority includes some of the most powerful and influential validators on the Hyperliquid network, including the single largest, Nansen x HypurrCollective, which alone controls over 18 percent of the vote, and the institutional giant, Galaxy Digital.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The final outcome will be decided by where these titans ultimately land. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Their votes will determine whether Native Markets\u2019 early momentum is a decisive opening salvo or merely a fleeting lead in a long and unpredictable war. The deadline for this crucial decision is September 14.<\/span><\/p>\n<h2 class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">A prize beyond measure<\/span><\/h2>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The stakes of this contest cannot be overstated. This is far more than a simple token launch; it is a battle to wire a new stablecoin directly into the financial backbone of a DeFi powerhouse. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Hyperliquid currently holds a staggering\u00a0<\/span><span class=\"ng-star-inserted\">5.5 billion dollars<\/span><span class=\"ng-star-inserted\">\u00a0in USDC deposits, a sum that represents roughly 7.5 percent of that stablecoin\u2019s entire circulating supply.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Replacing that with USDH would be a monumental shift, redirecting hundreds of millions of dollars in annual Treasury yield to the winning protocol. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The contenders have come to the table with lavish promises to woo the validators. Paxos has pledged 95 percent of its earnings to buy back Hyperliquid\u2019s native HYPE token. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Frax has promised 100 percent of its yield directly to users. Agora has offered 100 percent of its net yield alongside institutional-grade custodianship.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">With Hyperliquid already commanding nearly 80 percent of the decentralized perpetuals trading market, the winner of this contest will not just be minting a stablecoin; they will be forging a new, foundational rail for the future of decentralized finance.<\/span><\/p>\n<h2 class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Market updates<\/span><\/h2>\n<ul class=\"ng-star-inserted\">\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong><span class=\"ng-star-inserted\">BTC:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0Bitcoin is trading at\u00a0<\/span><span class=\"ng-star-inserted\">114,053 dollars<\/span><span class=\"ng-star-inserted\">, up 2.6 percent in the past 24 hours. The move reflects a short-term rebound fueled by positive risk sentiment, even as a longer-term consolidation continues.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong><span class=\"ng-star-inserted\">ETH:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0Ethereum is trading at\u00a0<\/span><span class=\"ng-star-inserted\">4,373.99 dollars<\/span><span class=\"ng-star-inserted\">, up 2 percent, as investors shrug off a recent mass-slashing event that penalized over 30 validators, a sign of the network\u2019s underlying resilience.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong><span class=\"ng-star-inserted\">Gold:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0Gold is holding near\u00a0<\/span><span class=\"ng-star-inserted\">3,635 dollars an ounce<\/span><span class=\"ng-star-inserted\">\u00a0after hitting a peak of 3,674 dollars on Tuesday. Investors are awaiting U.S. inflation data, while the investment bank\u00a0<\/span><span class=\"ng-star-inserted\">ANZ<\/span><span class=\"ng-star-inserted\">\u00a0has raised its year-end gold target to\u00a0<\/span><span class=\"ng-star-inserted\">3,800 dollars<\/span><span class=\"ng-star-inserted\">, seeing a potential peak near\u00a0<\/span><span class=\"ng-star-inserted\">4,000 dollars<\/span><span class=\"ng-star-inserted\">\u00a0by next June.<\/span><\/p>\n<\/li>\n<\/ul>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/native-markets-takes-an-early-lead-in-the-vote-for-hyperliquids-usdh-stablecoin\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) A high-stakes vote is underway to choose Hyperliquid\u2019s native stablecoin. The Stripe-aligned Native Markets has taken an early but slim lead. The winner will control a 5.5 billion dollar prize and a key DeFi rail. The opening shots have been fired [&hellip;]<\/p>\n","protected":false},"author":3947362378,"featured_media":58570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/59231"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362378"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=59231"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/59231\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/58570"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=59231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=59231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=59231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}