Paxos proposes launching USDH stablecoin for Hyperliquid, with most of the proceeds used to buy back HYPE

Odaily Planet Daily News Stablecoin infrastructure company Paxos has submitted a proposal to launch a compliant stablecoin USDH in the Hyperliquid ecosystem, complying with GENIUS Act and MiCA regulatory standards. The announcement shows that 95% of the interest generated by the USDH reserve will be used to repurchase HYPE tokens and allocate them to users, validators and partner agreements. The program is under the responsibility of the newly formed Paxos Labs within Paxos and has acquired Molecular Labs, which develops Hyperliquid basic components LHYPE and WHLP. USDH will be deployed on the HyperEVM and HyperCore chain, aiming to attract institutions and mainstream financial technology platforms to access through connection with global banking channels and compliance systems. Additionally, Paxos said it will integrate HYPE into its brokerage infrastructure, which has provided encryption services for PayPal, Venmo and MercadoLibre. According to DefiLlama data, Hyperliquid accounts for 70% of the decentralized perpetual futures market, with trading volume last month of nearly $400 billion and revenue exceeding $106 million. (Cointelegraph)