OpenEden and BitGo join the issuance of Hyperliquid native stablecoin USDH

PANews September 11th news, according to Cointelegraph, OpenEden and BitGo have joined the issuance competition for the Hyperliquid native stablecoin USDH, with the number of competitors increasing to eight. OpenEden promises to allocate USDH reserve earnings to Hyperliquid, including a repurchase program, and use USDH’s minting redemption proceeds to repurchase HYPE tokens to Hyperliquid validators. The company also allocates 3% of its native EDEN token supply to provide additional incentives, which may further increase in the future; USDH reserves are held by tokenized US Treasury funds escrowed by Bank of New York Mellon. Meanwhile, the company has entered into partnerships with Bank of New York Mellon, Chainlink, AEON Pay and Monarq Asset Management to drive USDH adoption. Meanwhile, BitGo said it will use USD-backed current assets, bank deposits, short-term Treasury bonds, etc. to mint and redeem USDH; it will use Chainlink's cross-chain interoperability protocol to maintain interoperability between chains; the proceeds from the underlying assets will be used to purchase and pledge HYPE tokens, and the company will charge a 0.3% fee from the total reserves. BitGo emphasizes that its regulatory compliance is its main advantage.