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6d ago

Sky Enters USDH Bidding as Hyperliquid Sets Validator Vote

The expedited vote could shift billions in reserves, redirecting yield from USDC to Hyperliquid’s community.

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Lion group plans to swap sol, sui holdings for hype
Sky pitches genius compliant usdh stablecoin with $8b balance sheet and 4.85% yield
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Overview

  • Hyperliquid set an accelerated schedule with proposals due Sept. 10 at 10:00 UTC, validator declarations on Sept. 11, and an on-chain vote on Sept. 14 between 10:00 and 11:00 UTC.
  • Sky, formerly MakerDAO, proposed 4.85% returns on USDH held on Hyperliquid, $2.2 billion in instant USDC liquidity via its Peg Stability Module, and a $25 million ecosystem fund.
  • Paxos offered to direct 95% of reserve interest to HYPE buybacks, Frax pitched a community-first user-yield model, and Agora pledged 100% of net revenue to HYPE buybacks or Hyperliquid’s Assistance Fund.
  • A Native Markets proposal linked to Stripe has drawn pushback from community members citing potential conflicts tied to Stripe’s Tempo blockchain and Privy wallet ownership.
  • Governance will be stake-weighted with the Foundation effectively abstaining, HYPE has traded above $50 to new highs, and analysts warn Circle could forgo $150–$200 million in annual revenue if reserves migrate.