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Paxos Puts PayPal at the Center of USDH Bid as Hyperliquid Vote Nears

Validators now assess a revenue‑aligned offer that promises fee‑free access under growing scrutiny of process fairness.

Hyperliquid USDH
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AI stablecoin liquidity
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Overview

  • Proposal V2 would integrate USDH across PayPal products — Checkout, Braintree, Venmo, Hyperwallet and Xoom — with HYPE listings on PayPal and Venmo subject to approval and free USDH on/off‑ramps.
  • Paxos sets TVL‑linked terms: no issuer revenue until USDH reaches $1 billion in TVL, a 5% cap after $5 billion, and any fees held in HYPE.
  • A $20 million incentive pool targets adoption, liquidity and trading on Hyperliquid to seed USDH use across the network.
  • The race remains open before the Sept. 14 validator vote, with Polymarket odds leaning to Native Markets and backroom‑deal allegations from Dragonfly’s Haseeb Qureshi disputed by other participants.
  • Paxos touts regulated expansion, including a claim of unique European issuance authorization, and its recent $48.5 million NYDFS settlement is being cited by critics.