OpenEden and BitGo join the competition to launch Hyperliquid's native stablecoin USDH

According to Coinjie.com, on September 11, OpenEden and BitGo also joined the competition to launch the Hyperliquid native stablecoin USDH, bringing the total number of competitors to 8. OpenEden promises to allocate all USDH reserve earnings to Hyperliquid, including through a repo program. It will also repurchase HYPE tokens using USDH’s minting and redemption proceeds to allocate to Hyperliquid validators. The company also allocated 3% of its native EDEN token supply as an additional incentive, with further increase in the future. The USDH reserve is held by a tokenized U.S. Treasury fund custodially held by Bank of New York Mellon. The company has also partnered with Bank of New York Mellon, Chainlink, AEON Pay and Monarq Asset Management to promote USDH adoption. Meanwhile, BitGo said it will use current assets backed by USD, bank deposits, short-term government 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 for the total reserves. BitGo emphasizes that its regulatory compliance is its main advantage.