OpenEden and BitGo are competing to issue Hyperliquid’s planned stablecoin, USDH, joining seven other contenders. Hyperliquid validators will vote on the USDH proposals from Thursday to Sunday. OpenEden’s proposal emphasizes distributing all yield from USDH reserves back into the Hyperliquid ecosystem and conducting buybacks of its HYPE token. They plan to store USDH reserves in a tokenized US Treasury Bills Fund with custody managed by The Bank of New York Mellon. In contrast, BitGo aims to utilize dollar-backed assets and bank deposits for USDH minting and ensuring regulatory compliance, having obtained licenses from multiple international jurisdictions. Native Markets currently leads the vote with 33.73% support, but 46.49% of the voting stake remains unassigned, which may influence the final outcome. Other bidders include Paxos and Frax, but skepticism exists regarding Native Markets' sole favor among validators, suggesting potential backroom deals. Market predictions indicate a strong expectation for Native Markets to win the proposal.

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