USDH stablecoin issuance rights sparked competition from multiple institutions, and Frax and others have submitted relevant proposals

According to The Block, stablecoin issuers Frax Finance and Agora are competing for Hyperliquid's USDH stablecoin issuance rights. Hyperliquid requires agencies to submit proposals by September 10 and the vote will take place on September 14. Frax proposes a "community-first" proposal and plans to link USDH to frxUSD 1:1, supported by BlackRock's earnings BUIDL on-chain Treasury Fund. Frax said that "100% of the underlying Treasury yields will be distributed directly to Hyperliquid users through on-chain programmatic methods, and Frax does not charge any fees"; Agora promises USDH to allocate "100% net income" to Hyperliquid for platform aid funds or HYPE token repurchases; Paxos promises to provide compliance with MiCA and GENIUS bills, support native deployments on HyperEVM and HyperCore, and provide 95% of interest income to HYPE token repurchases, reallocating the repurchased tokens to "ecosystem plans, partners and users."