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Hyperliquid Sets Sept. 14 Validator Vote to Assign USDH Stablecoin Ticker

Bidders are competing to channel stablecoin reserve income to Hyperliquid’s users and validators, reflecting a push to replace reliance on bridged USDC.

Sky pitches genius compliant usdh stablecoin with $8b balance sheet and 4.85% yield
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Overview

  • Validators will choose the address to receive the USDH ticker in an on-chain vote on Sept. 14 from 10:00–11:00 UTC, following a Sept. 10 proposal cutoff and Sept. 11 preference disclosures.
  • Hyperliquid says the decision assigns only a ticker without exclusive privileges, with USDH set to coexist with other dollar tokens on the network.
  • Paxos, Frax, Agora and Native Markets have submitted bids, including offers such as Paxos routing 95% of reserve interest to HYPE buybacks and Agora directing net revenue to HYPE or the Assistance Fund.
  • Foundation-run validators will effectively abstain by aligning with whichever option garners the most non‑Foundation stake to limit perceived influence.
  • The contest has drawn sharp scrutiny, with concerns over a Stripe-linked plan and complaints from Hyperstable about prior ticker blacklisting, while analysts say shifting Hyperliquid’s USDC‑heavy balances could reallocate significant yield away from Circle.