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10h ago

Native Markets Takes Early Lead in Hyperliquid’s USDH Issuer Vote

A majority of stake is still unassigned before the Sept. 14 decision, placing billions in reserve yield on the line.

Hyperliquid USDH
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AI stablecoin liquidity
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Overview

  • An on-chain tracker shows Native Markets with 30.8% of delegated stake, ahead of Paxos at 7.6% and Ethena at 4.5%, while roughly 57% of voting power remains undecided.
  • Paxos’ Proposal V2 centers on PayPal and Venmo integration, free USDH on/off-ramps, a $20 million incentive fund, and a TVL-based model that pays Paxos nothing until $1 billion and caps revenue at 5% after $5 billion.
  • Ethena’s plan would issue USDH via Anchorage’s USDtb with indirect backing from BlackRock’s BUIDL fund, return at least 95% of net revenues to the community, commit $75 million to growth, and introduce a guardian validator network.
  • Native Markets pitches a Stripe Bridge–based model with yield split between HYPE buybacks and an Assistance Fund, while critics question potential conflicts tied to Stripe’s Tempo blockchain and control of wallet provider Privy.
  • Hyperliquid holds about $5.5 billion in USDC, and shifting that liquidity to USDH could redirect hundreds of millions in annual Treasury yield as validators finalize their choice on Sept. 14.