Hyperliquid's vote on USDH may redefine the power landscape of DeFi stablecoins
Source: CoinWorld
Time: 2025-09-15 08:58:16
Hyperliquid has initiated a governance vote to select the issuer of its native stablecoin USDH. The vote is intended to replace USDC and redirect annual earnings to its ecosystem for HYPE buybacks and community benefits. Proposals for Ethena, Paxos, Frax Finance, Agora and Native Markets have been evaluated, and Native Markets became the leader after Ethena exited. Key factors include regulatory compliance, ecosystem coordination and profit distribution. The final on-chain validator vote (weighted by equity) will take place on September 14, and the results are expected to affect the dynamics and value allocation of DeFi stablecoins.